New Commercial Cannabis Opportunities in Hawaii and Nevada
by Roger Tower on September 14, 2020
Pack your bags and sunglasses! WeCann has teamed up with our out-of-state partners to offer even more cannabis opportunities. We’ve expanded our database to include listings in Sunny Nevada and Hawaii.
In Nevada we have an opportunity for a cannabis manufacturing and cultivation facility in the Reno/Sparks area. Nevada is not issuing new licenses so this is a great expansion opportunity.
WeCann also has a huge opportunity for a testing lab in Hawaii. It’s one of two testing labs in the entire state located in Maui.
The Cannabis Industry in Hawaii
Medical cannabis has been legal in Hawaii for twenty years, but it wasn’t until 2016 when the legal cannabis industry started taking off in the islands. Up until then, medical cannabis wasn’t easily available even to qualified patients.
The Hawaii Department of Health currently administers two different medical cannabis programs – the Medical Cannabis Patient Registry Program and the Medical Cannabis Dispensary Program. Both designed to ensure safe access to medical marijuana patients in Hawaii. State law allows 8 dispensary licenses in the islands. Each licensee is entitled to two production locations and two retail locations.
Today, there are 13 licensed medical cannabis dispensaries throughout the islands. The cannabis market size in Hawaii is estimated at $71.9 million and annual sales revenue is expected to surpass $13 million. In 2018, Health Department statistics showed Hawaii dispensaries sold over $12 million in medical marijuana.
Commercial Cannabis in Nevada
Nevada has been benefitting from adult-use cannabis sales since 2017 although medical marijuana has been available since 2000. Between Reno, Las Vegas, and Tahoe, tourism plays a major role in the cannabis market in Nevada.
According to Cannabis Business Times Nevada collected $172 million in excise tax, sales tax, and licensing fees and $692 million in total taxable sales in 2019. A report presented by the Nevada Dispensary Association projected that by 2024 that number would go up to $956 million.
With plenty of opportunities for growth, Nevada is a goldmine for the cannabis industry with five types of cannabis licenses available. Cannabis businesses are legally allowed to grow, manufacture, test, distribute, or sell cannabis after they acquire the right type of license. The Cannabis Compliance Board is tasked with regulating all areas of Nevada’s cannabis industry.
WeCann Cannabis Opportunities
Entering the cannabis industry for the first time can be difficult. Licensing varies from state to state and regulations are ever-changing. Reach out to our cannabis business consulting company in California to get expert compliance support for your licensing endeavors.
Whether you’re new to the industry or looking to expand or grow your cannabis business WeCann can help you in every step of the process. Our experiences in commercial real estate, cannabis law, and our industry connections offer an invaluable service for anybody making their way through the cannabis sector. Contact us to schedule a consultation and find out how WeCann help you!.
