Green Thumb Industries had a business plan, expertise and plenty of ambition to grow its marijuana business. What the Chicago-based company didn’t have was access to enough capital to make it all happen.
Recreational sales in May reached $43.74 million, exceeding the previous $41 million monthly record set in March, according to state Department of Taxation data released Thursday.
Once complete, the Planet 13 complex will take up 112,000 square feet. The complex will have at least 45 registers, 13 15-foot-tall lotus flowers on the roof and a spherical fountain in front.
There are hundreds of illegal marijuana stores operating in LA County, where marijuana is legal for anyone 21 and over and retailers must be licensed to sell to them.
Recreational marijuana sales became legal in Nevada on July 1, 2017. In the year that’s passed, cash has flowed, businesses have grown and no major controversies have surfaced.
Nearly 150 marijuana businesses in California warned Friday that they could face crippling financial losses unless the state extends a July 1 deadline imposing strict standards for pot testing and packaging.
Despite recreational marijuana use being legal for more than a year in Nevada, Las Vegas’ roughly 42 million annual visitors don’t have many options for where they can use the pot they buy in local dispensaries. State law bans public consumption, and casinos and hotels don’t allow people to consume cannabis on their properties.
Regulations being phased in six months after the state broadly legalized marijuana require that pot sold after Saturday meet strict quality standards, so retailers unloading untested inventory are offering blowout prices.
Nevada’s fledgling marijuana industry has taken off significantly faster than state officials anticipated. Now state regulators are scrambling to catch up.