Washington – Voters have passed the Nevada Marijuana Legalization Initiative, also known as Question 2. New Frontier Data, the authority in cannabis Big Data analytics, in partnership with Arcview Market Research, are projecting the size of the total marijuana market in Nevada to grow to $622 million by 2020.
“The passage of Nevada’s adult use legalization measure opens the floodgates for America’s adult playground. As the most sophisticated hospitality destination in the country drawing an estimated 55 million visitors in 2016 alone, the integration of cannabis into Nevada’s economy will create an opportunity for canna-tourism on a scale not seen before in the country,” said New Frontier Data Founder & CEO Giadha DeCarcer.
“There is nothing more powerful than an idea whose time has come. This is marijuana’s moment,” said Arcview Group CEO Troy Dayton. “You will not find another multi-billion dollar industry growing at this rate that isn’t already attracting huge multi-national companies and institutional investors. It’s truly a historic opportunity for pioneering investors and entrepreneurs to take a run at a huge market without needing to compete with the really big dogs…yet,” said Troy Dayton, Arcview Group CEO.
Nevada presents significant opportunities for investors and operators in the legal cannabis market due to the state’s rank as a top tourism destination, generous patient reciprocity laws, and the allowance for medical cannabis businesses to be formed as for-profit enterprises. Adult use sales are expected to begin in 2018 and grow quickly. The combined medical and adult use sales including CBN and CBD oils are expected to reach nearly $622 million by 2020. Key to the industry’s growth will be demand from the states strong tourism market.
About New Frontier:
New Frontier Data provides objective, rigorous and comprehensive analysis and reporting for the nascent and underserved cannabis industry. New Frontier’s data and reports have been cited in over 45 countries around the world to inform industry leaders. New Frontier, the premiere Big Data shop in the sector looks beyond the plant cultivation and distribution, to raise the industry bar and improve visibility into what will inevitably soon be a mature and more complex industry. Founded in 2014, New Frontier is headquartered in Washington, D.C. and has additional offices in Denver. For more information or media inquiries, please visit www.frontierfinancials.com.
About The Arcview Group:
Founded in 2010, The ArcView Group is responsible for a number of groundbreaking ventures in the cannabis industry. The ArcView Investor Network includes more than 500+ dues-paying accredited investors who have put more than $74 million behind 130 companies. Arcview Market Research produces the State of Legal Marijuana Markets report, which is the most oft-cited market report. ArcView is a partner in CanopyBoulder, a seed-stage mentor-driven business accelerator. ArcView is also co-founder of Cannasure Insurance Services, the leading provider of business insurance to the cannabis industry. For more information or media inquiries, please visit www.arcviewgroup.com