Published on February 23rd, 2015 | by News Feed
Marijuana Brings Big Business to Vegas in 2015
Lawyer Alicia Ashcraft is the managing partner of the law firm Ashcraft & Barr, a law firm based in Las Vegas and specializing in business regulation. Her law firm has recently moved into Las Vegas and they are currently working with a Colorado based law firm in the hopes of better serving the legal needs of the medical marijuana industry.
According to the lawyers they are having a hard time controlling the interest in their services. According to Ashcraft, “From regulation to taxation to business operations, there are (rules) specific to the marijuana industry that … you need to have a little bit more specialization and expertise in. We’re helping businesses tread through the regulatory schemes in order to get open.”
This law firm is not the first and in fact it is just one of the many new businesses that are popping up all over the city hoping to capitalize on a growing cannabis market. As commercial producers and dispensaries continue to move into the area, the need for sound legal guidance will be the key to maintaining a thriving business.
It is hard to properly estimate how much money these new businesses will bring into the city and state but many experts claim the number could be in the hundreds of millions. And as legalization takes hold and the industry grows, the revenue will skyrocket.
In 2014 legal cannabis sales generated 2.7 billion dollars. That was a 74% increase from the previous year and it looks as if the numbers will only go up. According to ArcView Group the market in Las Vegas is expected to increase by nearly 350% during 2015.
Troy Dayton, founder and CEO of ArcView said, “A lot of businesses are looking to expand into Nevada and be able to offer their services because there’s going to be huge, huge growth in the market. The cost of cannabis is a very small part of the overall budget. Every other line item on that budget is an opportunity for an ancillary business provider to meet an underserved need.”
The ancillary industries are teaming with opportunities and the chance to make major money. The main reason for this is the unwillingness for many of the established counterparts to dive into the marijuana field. Some of the businesses are deterred by the reputation that is associated with marijuana and many others are fearful of the federal government and the fact that they still list marijuana as a controlled substance. However there are huge opportunities in ancillary services.
Leslie Bocskor, chairman of the Nevada Cannabis Industry Association has said, “There’s a reason people are calling Nevada the new Amsterdam of the West. The opportunity in Nevada is huge.”
There is obviously a huge market for medical marijuana as well as recreational marijuana. Would you be willing to enter into a business venture that focused on medical marijuana? Would the risk of the Federal government seizing your assets be too much of a gamble?