On July 1st, Nevada became the latest American state that legalized recreational marijuana. Therefore, the government allowed a number of 47 dispensaries to open their doors and greet new customers. However, such stores couldn’t cope with an unexpectedly high demand. As a consequence, the state’s weed stash ran out of products in just a matter of a week.
Taxation Officials Activated a State of Emergency to Deal with the State’s Depleted Weed Stash
So far, almost half of U.S. states gave in to recreational marijuana. Nevada is the latest member of this circle. There are numerous reports that list the advantages of such a new market. For instance, this industry can create around 250,000,000 new jobs in America in just three years. In addition, the cannabis market is valued at a total of $7 billion which can increase to $50 billion in just ten years.
On top of that, the demand for such a product is higher than ever. According to the state Department of Taxation, licensed dispensaries in Nevada can no longer accommodate the request. In just a matter of one week, their weed stash was depleted.
As a consequence, taxation officials announced a state of emergency on Friday. This new condition enables the government to apply any necessary measure to address the shortage on the market. This range of possibilities can include additional licenses for dispensaries, transportation, and cultivation of recreational pot.
Therefore, Nevada might end up having more than the current 47 licensed retail stores for marijuana. The Nevada Tax Commission has until Thursday to agree upon one regulation which will be submitted to vote.
The State Approved Fewer Licenses for Marijuana Transportation
The pot shortage might also come from the fact that the taxation department started granting a lower number of distribution licenses than before. That’s because most of the applications lack certain necessary data that confirm a legal background for such a procedure.
However, it was expected for this new local market to confront several challenges right from the beginning. That’s because the state started off with rigid regulations. Nonetheless, Thursday’s emergency rule is able to streamline the system and make it work better in the future.
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