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Nevada’s Medical Marijuana Market is Ready to Boom

Jan 29, 2015 • 3:53 PM EST
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2 MIN READ  •  By Michael Berger
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The Green Age is coming to Nevada and the state that is known for its involvement in “sin” industries is ready for the market to open. Demand for medical marijuana has been growing at a rapid rate as dispensaries get ready to open this year. Total demand for medical marijuana in Nevada is expected to double this year and dispensary owners could not be happier. There are a few publicly traded cannabis companies located in Nevada and these companies expect to see incremental revenue growth once the market opens and develops. These companies include, but are not limited to the following:

  • Terra Tech Corp. (TRTC: OTCQB)
  • Pazoo, Inc. (PZOO: OTCQB)
  • American Cannabis Company (AMMJ: OTCQB)
  • Agritek Holdings, Inc. (AGTK:OTCQB)
  • Growblox Sciences, Inc. (GBLX:OTCQB)

Some interesting statistics have been released which prove that is market is ready is explode from a growth perspective. For starters,

  • Washoe County saw the number of medical marijuana cardholders jump 66% in 2014.
  • Clark County saw the number of medical marijuana cardholders jump 65% in 2014.

Dispensary operators are in the process of rolling out their businesses and it is only a matter of time until the first of the 65 state licensed dispensaries opens. After the first dispensary opens, the state will more than likely see an increased number of patients asking their doctors for a medical marijuana card.

“We think Nevada is going to be one of the largest markets in the country,” said Derek Peterson, CEO of Terra Tech (TRTC: OTCQB) with one dispensary in Reno. “We want to make certain that our production and cultivation facility is ready for full production and has the ability to produce multiple strains and product offerings for potential patients.”

“We’re not surprised at all by these numbers,” said Joe Brezny, spokesman the Coalition to Regulate Marijuana like Alcohol in Nevada. “I would expect 15 to 20 thousand patients in Nevada within twelve months of dispensaries opening.”

Nevada needs to open more dispensaries

There has been ongoing litigation in Clark and Washoe counties pertaining to the state’s process of granting businesses dispensary licenses. Many people feel that there needs to be more dispensaries operating in the state, specifically in Clark County.

Senator Tick Segerblom of Las Vegas drafted a bill requesting the state to increase the number of dispensaries in each jurisdiction statewide.

“There are a number of topics I have heard that are going to be brought up at Legislature,” said Leslie Bocskor, the chairman of the Nevada Cannabis Industry Association. Bocskor said the number of dispensaries could increase by as much as 50 percent.

Technical420 is excited about the opening of the Nevada market. We think that this will not only help patients, but also help the state and the companies located in the state. When you look at the success that Nevada’s neighbor (California) is having, it is tough to not get excited. 

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Technical420.com. Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.

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