Since exceeding everyone’s expectations when the cannabis market finally opened in 2017, Nevada has caught the attention of entrepreneurs from both in and out of the industry.
With better regulations and an already thriving tourism economy, the state reportedly has the potential to become the cannabis tourism capital of the United States.
In an interview with RegAboost, serial entrepreneur Frank Celecia shared his thoughts on the how Nevada could play a significant role in the American cannabis industry.
“Las Vegas is the heart and the most population of Nevada. The state has experience in regulatory and compliance issues. It has experience regulating gambling and sports books long before any other states have, not to mention prostitution and now cannabis,” Celecia explained.
Celecia noted that the influx of tourists in the “Sin City” and surrounding areas offer a huge potential for cannabis firms.
“Las Vegas has over 55 million visitors each year from other states and most do not offer cannabis or cannabis lounges. If you ask any uber driver upon arrival at the airport, they will tell you they want to go to a dispensary before they go to their hotel. Visitors see first hand what deregulation can mean for their states and the barriers begin to fall.”
He then pointed out how much has changed since the legalization of adult recreational use of cannabis in Nevada in 2017.
“I will give you an example of my local dispensary in Reno that I drive by each day. Before recreational legalization I would see 1 or 2 cars in the parking lot after recreational passed the parking lot was jammed every day with security helping with traffic jams. The city exceeded its projections for funds raised for schools in the state. The industry is opening up potential for young people to work in an industry that pays a living wage.”
In response to former state senator Tick Segerblom’s proclamation that Las Vegas is set to become “the next Amsterdam” for cannabis tourism, Celecia wholeheartedly agrees.
“Absolutely, smoking lounges that provide cannabis and a place to use it. A progressive attitude toward the benefits of an industry that is changing life for many people that use the drug and the employment for people that want a living wage.”
Tapping on the state’s potential, Celecia’s firm OrgHarvest is creating a massive cultivation and production operations in Las Vegas backed by a modern indoor greenhouse imported from the Netherlands.
According to Celecia, elevate the cannabis industry in the country would require not only the help of modern technology but innovative techniques as well.
“Organic crops that have no pesticides will be important. Our greenhouse operation from the Netherlands offers a sealed and closed environment. The use of Rhamnolipids approved by the FDA for human consumption that fights disease for plants. The company holds several licenses on patents for Rhamnolipids. This alone is an insurance policy on consistent crops and revenues.”
Aside from Nevada, Celecia thinks California is also headed for growth in the next few years.
“California will be the largest market by far. But, they are dealing with black market and getting the tax rate lowered to avoid feeding a black market. Nevada as I mentioned has experience unique to Nevada. Many other States have very little experience in regulating these very sensitive areas.”
Celecia shared that investors who want to get into the cannabis industry should look for transparency when investing in cannabis startups.
“Absolute transparency. Our company is a public company and the only cannabis company approved by the securities exchange commission. We have audited financial statements that have been filed with the OTC and the SEC. This process insures investors know what is going on with their investments. The company's stock is quoted each day.”
OrgHarvest is currently hosting its REG A Tier 1 offering through cannabis funding portal Fundanna.com.
By going through the crowdfunding route, even non-accredited investors (non-VCs) are given access to the ‘next Amsterdam’s’ multi-million dollar cannabis market.
“We love the idea of leveraging with crowdfunding to allow everyone to gain access to our offering on Fundanna.com,” he said.