Kelowna, British Columbia–(Newsfile Corp. – April 8, 2021) – Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) (“Fiore” or the “Company”), a licensed multi-state cannabis cultivator, producer and retailer, today highlighted the Nevada Department of Taxation’s sales data for the state’s legal cannabis market for the month of January 2021 and the opportunities this presents to the Company.
Nevada’s total retail cannabis sales hit a record high in January 2021 and were up 30% year over year. Data from the Las Vegas Convention and Visitors Authority for January shows that although tourism numbers are beginning to climb upward, they remain more than 60% down when compared to the previous year. Industry experts are projecting that the rise in legal cannabis consumption being seen during the pandemic will only continue to grow as restrictions are removed and tourists return to the state.
“Our operating markets of Nevada and California are considered two of the best in the U.S. for cannabis. With Fiore, we have developed opportunities in both these states to be strong performers in specific market segments and to become vertically integrated over time. The sales numbers being reported for Nevada bode well for our operations in that state where we expect even greater demand for our products once more people are vaccinated and the tourism sector rebounds. In the past year, we have dealt with COVID-19 and the downtown in tourism while still growing our business in key areas, improving our operations and preparing for stronger performance in 2021,” said Erik Anderson, President and CEO of Fiore Cannabis.
A recent bill proposed in Nevada to make social use cannabis lounges legal in the state along with the broader activities underway in multiple U.S. states supporting legalization efforts are expected to continue pushing the U.S. cannabis market forward.
Anderson added, “We put