Nevada saw more than $100 million in marijuana tax revenue over the 2019 fiscal year, which set a state record, according to the Nevada Dispensary Association. “We continue to build in cannabis. We’ve still very much engaged.”
The Factbook predicts the total economic impact of legal marijuana sales will increase by 234 percent over the next five years, from $23 billion in 2017 to as much as $77 billion by 2022. These projections are key indicators why many entrepreneurs are rolling into the cannabis ecosystem in Northern Nevada.
The cannabis industry is one marked with innovations throughout its product cycle; the marketing efforts behind this expanding industry are no exception. In large part due to regulatory constraints, those who take on the daunting task of effectively marketing a federally illegal drug have their work cut out for them.
The struggle of MedMen president and co-founder Andrew Modlin to get in that one, final snip serves as an almost poetic metaphor for the challenges faced by any company that tries to get into the legal marijuana business. Just like his cannabis firm transitioned from an upstart company into a major player in a multibillion-dollar industry through the efforts of several people, however, Modlin eventually manages to cut through the chunky ribbon with a little bit of help. A year and a half since breaking ground just 10 miles east of Reno-Sparks, MedMen’s large, state-of-the-art cannabis factory was officially unveiled to the assembled crowd.
At 12:01 AM on July 1, 2017, the doors of several marijuana dispensaries opened to eager patrons both novice and experienced, yet excited, to legally purchase cannabis in Nevada. Since then, local dispensaries have tried their hand at clever and innovative marketing tactics aimed at recruiting individuals from a variety of demographics.
Medical cannabis is a topic dominating headlines in Nevada right now, given that licenses for dispensaries and cultivation/production facilities were only granted by the state starting late last year. And now that one of the region’s first medical cannabis cultivation and production facilities is online and growing product, the realities of the industry are taking shape. Nevada Botanical Science sits on a highly secure, 4-acre parcel in Reno with a 5000-square-foot facility, which includes a cutting-edge cultivation and processing plant.