In 2017, Nevada was one of only a few U.S. states to legalize marijuana recreationally. Since that time, its cannabis customers have spent over $4 billion on marijuana products. From 2018 to 2022, sales of cannabis products grew by 30 percent. And while sales were down in 2022, dispensary owners remain hopeful about this year. Let’s take a look at some exciting developments that may impact the cannabis market in Las Vegas and the state of Nevada this year.
One thing that has frustrated Nevada cannabis consumers is the state-mandated limits on cannabis purchases. Currently, cannabis dispensary customers can only buy one ounce of marijuana. But according to KVVU-TV, a proposed law would let customers buy more cannabis products. Senate Bill 277 would allow shoppers to stock up on seven grams of concentrates and up to 2.5 ounces of flower. It would also broaden permissions for dispensaries to sell cannabis products both for recreational use and for medical patients.
This law would help dispensaries that have been affected by the recent downturn in sales of cannabis products in the state. After a pandemic-related spike in sales, inflation-weary customers are now spending less per transaction. It’s estimated that sales were down 13 percent in 2022 from the previous year. Shop owners need to be able to incentivize larger purchases to counteract this trend. SB 277 is due for a vote on May 26 – if it passes, it’s amazing news for those who sell and buy marijuana at dispensaries in Las Vegas.
KNPR brings us the news that cannabis lounges will be coming to the Las Vegas strip this summer. Customers will be able to imbibe, consume, and smoke cannabis products in these public spaces. The cannabis industry considers these social venues to be an essential tool for encouraging cannabis tourism, and the state looks forward to the increased tax revenue they could bring.
This development has been a long time coming, While Nevadans could smoke recreational cannabis at home, they couldn’t enjoy it in public places. Those who were opposed to lounges cited concerns about traffic safety. But cannabis industry groups say that there hasn’t been an increase in traffic incidents since the state legalized marijuana for recreational purposes.
Alcohol and tobacco use will be prohibited at the new lounges in downtown Las Vegas. To maximize safety, budtenders will allow patrons to leave their cars on the premises for 24 hours. Now, instead of having to sneak a smoke in a parking lot, visitors to Las Vegas will be able to enjoy their cannabis in style.
Las Vegas is a popular destination for conventions and trade shows; the city calls itself “the No. 1 trade show destination.” The Las Vegas Convention Center hosts the The Marijuana Business Conference, which is one of the largest annual cannabis business and marketing events in the U.S.
In order to attract even more convention business, Las Vegas is in the process of constructing almost 5,000 new hotel rooms and over half a million square feet of new convention center space.
Here’s some cannabis-related news that might make Las Vegas even more appealing to visitors, via KTNV: A new bill would let Nevadans consume and purchase cannabis at special events involving more than 150 people. At these temporary venues, portable cannabis dispensaries could set up shop, offering edibles, pre-rolls and other products.
Of course, the events would be subject to special restrictions. Event vendors and hosts would need to procure a license, and there would be age restrictions on any cannabis-related transactions. (It should also be noted that this bill isn’t a done deal; a similar bill failed to pass last year.)
Marijuana enthusiasts looking for a place to stay near the downtown Las Vegas strip might soon have a new option. The Lexi, a planned 64-room hotel in Las Vegas, will feature a floor of 16 weed-positive rooms with air filtration systems as well as a “consumption lounge.” Since the state of Nevada prohibits cannabis consumption in gaming venues, The Lexi will not house a casino. (It will, however have a Cajun steakhouse for those cannabis-enhanced appetites.) According to the Las Vegas Sun, the hotel still needs approval by the city.
Nevadans who thirst for a new way to enjoy marijuana products are in for a treat. KTNV informs us that Mary Jones, a cannabis craft soda company, is expanding into the state. Mary Jones, which is known for its wide selection of creative flavors, will offer its THC-infused carbonated beverages and syrups in the state this summer.
Leafly, which publishes a “Best Dispensary in Las Vegas” list, has awarded its highest rating to Reef Dispensaries in North Las Vegas. The cannabis dispensary, which is noted for its knowledgeable staff and expertise with elderly consumers, also has a store on the Las Vegas strip.
Are you looking to break into the exciting Las Vegas cannabis market? Keep current on the latest developments in cannabis news, and partner with the leading cannabis marketing platform: Springbig. Contact us to learn how you can build your cannabis business in Nevada.