Nevada Dispensary Association alongside the Department of Taxation has released a new detailed economic report showing that the Marijuana industry has had unexpected success in its first year of sales. The NDA President, Andrew Jolley, was quoted talking about the robust, vibrant and successful nature of the marijuana industry.
The economic report indicates more than $500 million in both recreational and medical marijuana sales. In the first year more than 6,000 employees got jobs in marijuana facilities.
It was expected that the marijuana industry would take a couple of years before it started realizing significant profit margins. However, the previous years have proven the exact opposite. David Goldwater, a partner at Inyo Fine Cannabis Dispensary said “It has been better than expected. It shows that there is a robust demand for this product.”
Expected Future Trends
According to the economic report by the Department of Taxation, the first year of legal sales brought in revenue worth $70 million. This was split between schools and the Nevada states rainy day-fund each getting 27.5% and $42.5 million respectively.
Experts hope that the operational black-market vendors will eventually join the legal framework. This will make it possible for clients to receive the best quality of tested products that will pay taxes and improve value for the state as a whole.
The black market is slowly and effectively being eradicated as more suppliers enter the market. Demand on the other hand for black market marijuana starts to go down as more legal marijuana is made available for both recreational and medical use.
The marijuana industry is expected to continue facing challenges as it progresses on and grows. With a year on the taxation and revenue books, the second year promises to be even more successful. Marijuana has been beneficial to customers, business people and for the state in general.