Opportunities have skyrocketed in tourism and hospitality industries as cannabis legalization draws huge crowds from all walks of life. States like Colorado and California that have legalized recreational use are attracting so-called “cannabis tourists” from around the world.
Cannabis-themed attractions have since spiked in popularity, drawing in everybody from cannabis enthusiasts to first-time users. These unique business ventures have given travelers the opportunity to take part in cannabis happy hours, attend growing classes, or relax at a cannabis-welcome ranch resort. Complete travel guides and tour packages have emerged as demand rises for cannabis-infused experiences.
Surrounding industries have reaped the benefits of recreational cannabis legalization as well. Denver brought in record revenue in its first year of legalization. In 2014, the cannabis-friendly city drew in 15.4 million overnight guests, who spent a total of USD 4.6 Billion: USD 1.3 billion for lodging, USD 913 million at restaurants, and USD 579 million in retail. The cannabis industry is expected to generate USD 22 Billion dollars in sales in the U.S. by 2020.
Research conducted on the positive economic impacts of recreational cannabis in Colorado can serve as promising evidence for emerging markets. CLS Holdings USA, Inc. (OTCQB: CLSH) (CSE: CLSH) has been able to tap into emerging markets in Nevada and Massachusetts. CLS’s Oasis dispensary is located in downtown Las Vegas and provides direct access to Clark County’s 45 million annual tourists. It’s large storefront can accommodate over 800 customers per day.
Back in January the Company acquired licensed medical dispensary, In Good Health, Inc. located 25 miles outside of Boston. In Good Health operates one of just 48 licensed dispensaries in Massachusetts. With CLS at the center, the state could host the next industry boom in cannabis tourism.