The state of Nevada has moved its recreational program closer by 6 months. Initially the program was to go into effect in January, 2018, the program will now commence in July 2017.
Marapharm, in order to position itself for this opportunity brought two modular buildings onto its 7 acres site and have fully equipped them to meet state licensing requirements. A roadway was installed along with a paved access to each building in order to meet occupancy requirements. The buildings were inspected and given pre-approval for cultivation and processing. The City of North Las Vegas has issued an occupancy permit, and with a few more small steps to take, the company awaits final approval. Once approved, cultivation and processing can begin in the smaller facilities, enabling the licenses to perform a taxable transaction before May 31, 2017. These processes will position the Company to apply for licensing under the state’s recreational program.
“The marijuana industry is poised to be up to $50 billion nationally by 2019 (source, CNN) and now Nevada has legalized recreational marijuana and it has 50 million adult tourists a year. Fees and taxes of recreational marijuana for Nevada State are projected to total $100 million for the first year (source rgi.com)” Linda Sampson, Marapharm CEO.