The medical marijuana industry has taken off in a big way ever since several U.S. states legalized the use of cannabis for medicinal purposes. In fact, according to some estimates, the medical marijuana industry could be worth more than $1 billion.
2015 by most accounts is being seen as a landmark year for the medical marijuana industry. Speaking to MainStreet, Adam Laufer, Attorney and co-CEO of MJ Holdings, said that he expects legalization will trickle into New Hampshire in 2015 and the entire Northeastern region will end up with legal marijuana.
The industry is also excited about the potential of growing and selling marijuana on Indian reservations.
Commenting on this, Scott Giannotti, President of the Cannabis and Hemp Association, told Main Street that he sees tremendous potential in creating a space for Native American sovereign states to develop marijuana national policies. Giannotti added that his goal is to help the Native American nations establish regulations, retail marijuana dispensary management, cultivation, proprietary technologies and processing systems to assist the sovereign tribes in capitalizing on the medical marijuana industry.
Given the robust outlook for the medical marijuana industry, it is not surprising that several companies are accelerating their expansion. This morning, Terra Tech Corp. (OTCQB:TRTC), which specializes in controlled environment agricultural technologies, announced through its subsidiary, MediFarm, that they are beginning construction within the next 30 days on their medical cannabis dispensary located in the city of Las Vegas. The 3,900-square-foot facility is close to the Las Vegas strip at 1921 Western Avenue.
MediFarm obtained a provisional registration certificate from the State of Nevada Department of Health and Human Services Division of Public and Behavioral Health last year. The company had submitted its business license application late last year. The facility is expected to start serving patients by early October.
Commenting on this crucial development, Derek Peterson, CEO of Terra Tech, said that the company has made great progress in Nevada this year, and has been working aggressively with its architects and builders on its multiple projects throughout the state. Peterson further said that the company’s Las Vegas dispensary will be its first location to open and is its anchor store within the state. He added that the company has been working with other parties throughout the state to secure high quality cannabis products to stock its shelves for patients.
