Nevada medical cannabis licenses fetch almost $2 million

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Oregon-based cannabis oil company Golden Leaf Holdings paid $1.925 million to acquire cultivation and extraction licenses from NevWa, a Nevada company that does business as Grassroots.

NevWa’s two licenses allow for distribution and sales in Nevada, including prominent tourist destinations Las Vegas and Reno, according to a news release.

Golden Leaf Holdings’ move comes as Nevada is preparing to introduce recreational marijuana into a state that already has a medical cannabis market.

A preliminary framework for Nevada’s adult-use market is expected in July. The state will start accepting license applications by January 2018, though existing medical marijuana businesses will have first crack at the rec market.

“The level of tourism in the state, combined with the reciprocity provision in the state’s cannabis laws, positions Nevada to become one of the largest and most dynamic markets in the country,” Golden Leaf CEO Don Robinson said.