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The Nevada Dispensary Association (NDA) hosted a press conference today to present a summary of the economic impact resulting from the state’s first year of recreational cannabis sales. Riana Durrett, executive director of the Nevada Dispensary Association, spoke alongside Andrew Jolley, NDA president and chief executive officer of The+Source dispensaries; John Ritter, board member of The Grove and NDA; Senator Tick Segerblom; and John Restrepo, principal of RCG Economics.
The speakers presented information on tax revenue, projected revenue and economic benefits through 2024, employment statistics, regulatory costs, operating costs and more. The full report can be viewed at: http://www.nvdispense.com/ndareport2018/. Highlights include:
- Jobs: Approximately 6,000 in marijuana facilities, Approximately 8,300 in the industry
- Excise Tax Revenue: $69.8 million
- Total Economic Benefits: $989.7 million
- Taxable Sales: $539.9 million
“The report is indicative of demand for safe, tested marijuana in Nevada. There remains a robust black market, but with strict enforcement of regulation and fair tax policy, Nevada’s regulated marijuana industry will continue to erode the black market,” Durrett said. The press conference also allowed speakers to reply to questions from the audience, speaking to safety and regulatory concerns, as well as the decriminalization and normalization of the plant.
There are currently 64 retail dispensaries operating throughout the state and the tourist market is projected to drive recreational cannabis sales to become the largest marketplace nationwide. “Nevada is an exciting state to examine when it comes to medical adult use marijuana regulation, because we are an international destination for tens of millions of people, and we do strict regulation very well,” said Senator Segerblom. “I will continue to ensure we remain a leader in cannabis business and regulation.”