As of July 1, 2017, cannabis can officially be purchased legally in Las Vegas. Though the road towards the legalization of recreational marijuana was not that smooth, it was eventually made final, which was a move to increase possible tax revenue from the said drug. Las Vegas, with estimated annual visitors of 45 million people, is predicted to outdo Colorado and Washington. These are two states who have legalized the buying and selling of marijuana.
Though it is already legal to both buy and sell cannabis, people should still observe regulations facilitated by the government. People who plan to get into a cannabis business in the area should expect the following conditions that come along with the legalization:
How Can I Apply for a Cannabis Sales Permit in Las Vegas?
Only those that have licenses are allowed to be dispensaries of the drug, whether for recreational or medical purposes. Businesses should only sell cannabis to those permitted by the law. However, a set of applicants may choose to apply for dispensaries solely selling for recreational purposes. Dispensaries for marijuana can be found in one area where all the stores are located.
At What Price is a Cannabis Usually Sold?
Cannabis is usually sold at different prices, depending on its use. For medical marijuana sold at dispensaries, a gram ranges from $10 to $29 and $16 to $17 per gram for recreational cannabis, depending on its quality. If you would finally decide to enter this business, these price ranges can serve as your reference in pricing your drug.
Who Can Purchase Marijuana in Las Vegas?
Only those that are 21 years old and over are allowed to purchase cannabis for recreational purposes in the city of Las Vegas. One must present a valid government-issued driver’s license, ID, or passport to prove that they are within the allowed age range. Customers using the drug as a form of treatment must present a medical ID before being allowed to purchase. If you plan to venture into this business, you must be aware of the limitations, such as those mentioned above.
How Much am I Allowed to Sell at My Dispensary?
If selling cannabis for recreational purposes, only an ounce or 1/8 of an ounce for concentrated kinds like wax and oils are allowed. 2.5 ounces every two weeks, on the other hand, is the maximum amount allowed for medical patients. However, recreational sales are not tracked. They can enable users to buy an ounce from one dispensary and another one from the other.
Can My Customers Consume Cannabis at My Dispensary?
Customers are not allowed to consume cannabis that they bought at a dispensary. The dispensary should not have consumption lounges or tasting places inside the store. Once sold, the dispensary must package the cannabis and no longer give suggestions on where the drug can be consumed.
Is There a Potential for Cannabis Business to Grow as a Long-Term Business?
Choosing to enter a particular business means that you are interested in having a spot in that industry, no matter what the risks are. However, a wise businessperson should scan the environment and assess whether there is potential for the business in the years to come. Although cannabis businesses are currently booming in the city of Las Vegas, there are weak points the industry possesses, which you should consider.
Are There Other Opportunities for Me in This Industry Aside From Being in a Dispensary?
Dispensaries are not the only businesses that are operating in the cannabis industry. If you are not the type of business person to sell these cannabis drugs in its typical form, there are other types of businesses you might want to look at:
Breeders are the ones who take care of the plants and maintain them as they grow. It may sound like an easy thing to do, but breeders facilitate the limited genetic resources of cannabis seeds. It is done by purposefully stressing the flowering female for it to produce more seeds. This task can be challenging to do, but if you are one with a green thumb, this is a potential business for you.
Cannabis is not only sold like those of your standard cannabis buds. You can also turn it into cannabis extracts, which are often used for medical purposes and to help patients who are suffering from different sorts of ailments. Some of its kinds are the following: dry sift, kief, supercritical CO2 oil, and rosin. It may cause a lot of money to extract these products. Still, there is a significant possibility of success when you open this type of business because of the growing demand for these types of medical drugs.
Manufacturers are those who incorporate cannabis into another product and sell them in the market. It explores the potential of the drug not quite seen by a lot of people by turning it into items like gummies, chocolates, baked goods, drinks, and many more.
Knowing enough about the cannabis industry and realizing that it is booming at present is never enough for you to decide to get into this kind of business. Researching on the other possible parts of the cannabis scene where you can get involved is also essential. By assessing these factors, you can incorporate your skills and form your own business even if it is not directly involved in the distribution of the drug.
Most importantly, you must know what to expect in terms of the law that governs the selling and purchasing of the drug. Being a responsible business owner allows you to avoid possible consequences if you know what you should and should not do in your business operations.
Related: Guide: Starting A Business In Nevada