July 1, 2021, marked four years since Nevada launched its first adult-use cannabis sales, and the market has certainly seen its fair share of rapid growth and regulatory changes during that time, not to mention the unprecedented COVID-19 pandemic.
From July 2017 to June 2018, the state saw $529,851,245 in taxable medical and adult-use cannabis sales, a figure that has steadily increased to $719,216,651 during the current fiscal year, which includes sales data from July 2020 to March 2021, according to the Nevada Department of Taxation.
Flexibility is the name of the game for cannabis operators looking to cash in on this rapidly growing market, according to Layke Martin, executive director of the Nevada Dispensary Association (NDA).
“I think this industry is ever-changing, and our owners know that and are prepared for that,” Martin told Cannabis Business Times and Cannabis Dispensary. “They’re flexible and ready to pivot.”
The NDA launched roughly five years ago as an advocacy and trade association for the retail segment of the market but has recently expanded to include cannabis cultivators and distributors.
Nevada currently has 86 operational dispensaries, and the industry employs approximately 10,000 people, Martin said.
Reflecting on Lessons Learned
The Source pivoted to the adult-use market quickly, launching its first recreational sales at its Sahara location on July 1, 2017. The company’s Henderson store began serving the adult-use marketplace much later, in October 2017, due to delays in the rollout of local regulations, according to Brandon Wiegand, The Source’s chief commercial officer.
“We saw an immediate impact,” Wiegand said. “Going from medical to recreational, it was about a five-times increase in business. Then, it’s ebbed and flowed.”
When the first adult-use sales launched in 2017, The Source had roughly 50 employees, a number that has since grown to more