Nevada’s Cannabis Market: An Analysis
Since Nevada began recreational cannabis sales in July of 2017, the results have been promising. Within the first year alone, the cannabis industry generated approximately $529.9 million dollars in sales. Nearly $69.8 million of that number went back into the state as tax revenue. As our state’s cannabis industry continues to evolve, the number of sales is projected to rise. Some estimates even hold that Nevada’s cannabis industry could generate over $1 billion in sales every year. CLS Holdings USA, Inc. has seen this growth and prosperity from our own end, and in May of this year we achieved record-breaking revenue.
The team at CLS Holdings is excited to continue on with this momentum as the industry moves forward. We were particularly energized by our recent standings in the market as our sales reached record revenue as reported at the end of May. According to the results, our operating divisions achieved growth in both revenue and in the market margin. In terms of revenue, Cannabis Life Sciences, posted a whopping $1,058,867 for the month of May. CLS Holdings reported an increase in revenue of approximately 55% from our Oasis Dispensary. We also saw a 189% revenue increase from our City Trees brand compared to May of 2018.
Individually, our companies Oasis Dispensary and City Trees have each seen quite a successful year. Between May of 2018 and May of 2019, Oasis Cannabis Dispensary reported an increase in over 6,600 customers. City Trees also underscored their importance to the cannabis industry and now operates in about 80% of the Las Vegas dispensary market. City Trees is looking to increase its line of products. Very soon, in fact, we will be expecting a new line of CBD products to enter the market. Furthermore, City Trees is now building out our new extraction facility which is scheduled to finish this fall.
We also look forward to celebrating up-and-coming Liberation Day, July 1st, the day recreational cannabis sales began in the state of Nevada. This liberation day will mark two years since Nevada embraced full-legalization by opening recreational dispensaries. Nevada has greatly benefited from opening its market up to cannabis, and we cannot wait to see what the next year has in store.