One year later: Elevation 2477' looks back after first year of business in Nevada City – The Union of Grass Valley

Almost a year ago, Elevation 2477’ received the licensing to open its doors.

At that time, it became Nevada County’s first medical cannabis dispensary. In January, the dispensary got the permits to sell cannabis for recreational use to adults. Today, it’s the only cannabis dispensary in western Nevada County.

This past year, Elevation 2477’ saw over 24,000 customers, including individuals from 19 different countries, according to the company’s co-owner Daniel Batchelor.

“On a busy day we see hundreds of people,” he said.

According to Nevada City records, Elevation 2477’ was in the top 25 for sales tax producers for the city out of 526 businesses, excluding revenue from excise taxes. When comparing 2017-18 and 2018-19 numbers from July to March, the city’s sales tax revenue increased from $822,497 to $836,655.

Total excise tax from the 2018-19 fiscal year was $172,765 — which includes all cannabis-related businesses, much of which are in manufacturing and distributing, according to Nevada City Manager Catrina Olson. Olson said that, prior to June 5, 2018, excise tax revenue for things like cigarettes and alcohol were only collected at the state level.

From Jan. 1 to present, Elevation 2477’ generated over $100,000 of excise tax revenue for the city, said Batchelor. Additional excise tax revenue, he said, has gone to the state.

LESSONS learned

Batchelor said the last year has been a learning opportunity for him, especially operating within such a scrutinized industry.

“The first year is never easy for any business,” Batchelor said in an email to The Union. “The additional level of scrutiny that cannabis businesses have to undergo, coupled with (the) changing regulations, has made our first year a very important period for learning the ropes of the new regulated industry and creating the systems and processes needed to operate a fully compliant dispensary.”

Read More Here...

Leave a Comment

Please Rate This Content*

Your email address will not be published. Required fields are marked *

Scroll to Top