Since embarking upon adult-recreational legalization last July, the state of Nevada continues to break its own cannabis sales records. Nevada’s successes point to an intriguing potential should the federal government move closer to national legalization, which would benefit cannabis companies inside and out of the state, including Green Growth Brands (CSE: GGB), Medmen Enterprises Inc. (CSE: MMEN) (OTC: MMNFF), HEXO Corp. (TSX: HEXO)(OTC: HYYDF), CV Sciences, Inc. (OTC: CVSI), and Green Thumb Industries Inc. (CSE: GTII) (OTC: GTBIF).
The Nevada Department of Taxation reported that its intake of taxes from cannabis sales more than doubled year-over-year in August. Marijuana tax collection alone for 2019 in Nevada is expected to be nearly $70 million.
Much of the state’s increases in cannabis-related revenues can be attributed to improved successes at the retail level. Leaders in the industry have seized upon pot’s growing popularity in Nevada.
“Nevada will always hold a special place in our company history,” said Green Growth Brands (CSE: GGB) CEO Peter Horvath. “The source has two locations in the state presently and have been exceptionally pleased with the performance of the whole value chain here. These additional facilities and licenses will give us the ability to expand our operations and provide an even better marijuana retail experience for consumers.”
“We were impressed with the regulatory process in Nevada and feel that these new licenses reflect the confidence officials have in Green Growth Brands and our ability to operate high quality, compliant and safe dispensaries,” continued Horvath. “Working with regulators organically through this process allows us to avoid the higher costs associated with acquiring existing licenses and facilities, helping us preserve our balance sheet strength.”
Nevada regulators are actively assisting the blossoming industry, through assurances including quality control. The state is host to approximately ten cannabis labs, used to test products