LAS VEGAS (KTNV) — A new report shows that cannabis sales fell in Nevada by more than 13%, according to a new report from Headset, which tracks the cannabis industry across the country.
Nevada lost about $100 million in cannabis product sales over the last year, but still ranks second in the nation when it comes to cannabis sales per capita. The only state ahead of Nevada is Colorado, according to the report.
NV is experiencing a lot of the woes of the industry at large. Sales totals from Jan - Oct 2022 have declined 13.1% YoY. This puts them in the company of other legacy cannabis markets experiencing double digit YoY declines such as WA (-13.1%), CO (-16.2%), and OR (-17%). pic.twitter.com/vpAzELT0tI
— Headset (@headset_io) January 30, 2023
The Silver State brought in more than a billion dollars of taxable sales — $791,100,017 of which was in Clark County alone — in 2021, according to the Nevada Cannabis Compliance Board.
Money from cannabis wholesale and resale taxes goes into the state's Distributive School Account, which received $159 million in cannabis tax-related funds in 2021.
The state of Nevada is set to distribute licenses for cannabis consumption lounges among the final applicants chosen from the pool of applicants, which ranged from locally-owned dispensaries to globally-recognized franchises. Of the 40 provisional licenses issued by Nevada's Cannabis Compliance Board, 15 of them have applied to open locations with city limits in Las Vegas.
During a city council meeting last week, Las Vegas officials postponed voting on potential regulations and rules, while several matters are still being discussed, including the 1,000-foot distance requirement between lounges and licensing fees. The matter has been rescheduled for the next city council meeting, which is on March 1.
There is no current timeline on when the cannabis lounges could open, but state officials have previously said cannabis consumption lounges could open later this year.
