It’s certainly an exciting time to be in the cannabis sector. The industry is developing rapidly in Canada and the US, and is only expected to continue growing from here on out.
The legal marijuana market has moved forward particularly quickly in the US. While it was valued at only $2.7 billion just three years ago, it pulled in nearly $7 billion in 2016. It’s expected to become a $21-billion market in the next five years.
Currently, recreational use of marijuana is legal in eight US states: Maine, Alaska, California, Colorado, Massachusetts, Nevada, Oregon and Washington. Medicinal cannabis, however, is legal in over two dozen states.
Nevada is one state where cannabis has an especially promising outlook. Recreational marijuana was legalized in the state this past November, and state officials are now working quickly to plan a task force for its regulation.
The Las Vegas Review Journal explains that one of the the first steps will be to implement temporary regulations that will allow medical marijuana shops to sell recreational cannabis. That will happen in July, and by the end of 2017, permanent regulations will be in place.
Given those circumstances, it was a no-brainer for David Stadnyk to choose Las Vegas as the home base for his up-and-coming cannabis company Friday Night.
“Vegas is the logical place to go,” Stadnyk, who’s perhaps best known for being the former CEO of Supreme Pharmaceuticals (CSE:SL), told the Investing News Network. He added that Friday Night was also drawn to Las Vegas’ high number of visitors, and the fact that many people there want to be involved in the marijuana business.
“We believe it’s going to be the epicenter of marijuana in the world,” he said, noting that Friday Night is the first marijuana cultivator to be approved in southern Nevada. He feels that gives the company a “competitive advantage.”
Stadnyk said Friday Night’s facility is currently 12,000 square feet, but will be going up to 50,000 square feet in the summer.
And while Donald Trump’s presidency has ignited some concerns and uncertainty about the marijuana sector, Stadnyk said he’s not worried. “Marijuana is low on [Trump’s] charts,” he said. “He’s said before that it should be up to each state, so if you go on that word it’ll stay that way.”
He’s also encouraged by society’s changing outlook on marijuana. “The whole society is looking differently at marijuana than they did even three years ago,” he said.
Certainly the recreational marijuana space promises to continue growing rapidly in the coming years, and it appears that Nevada will be one of the more exciting places for cannabis investors to watch.
Watch the full video promo for Friday Night below:
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in contributed article. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.