Medical marijuana could be Nevada’s next big cash crop. Where other crops need so much water in order to see profit, the marijuana plant is relatively light when it comes to water requirements. According to an article by MMJ Business Daily, “Alfalfa earns $100 profit per acre-foot of water, while golf courses earn $5,000-$7,000 per acre-foot of water.” Because of the little water that marijuana requires, its growth in the desert can be justified.
Professor Dale Devitt of UNLV told the Las Vegas Review Journal that the relatively low water requirements of medical marijuana and the high retail price will place it ahead of the other crops in the area in terms of profitability per acre-foot of water.
With the lower amounts of water used (lower production costs), medical marijuana businesses have great hopes for high profits. Terra Tech, a publicly traded firm, has estimated that it will produce 75 pounds of marijuana each week. According to MMJ Business Daily’s report, that means a yield of $15 million to $25 million in annual sales.
With low water requirements and high estimated profits, speculators have already begun to line up. With proposals flooding in in Clark County, The Las Vegas Review Journal reported that the wide range of applicants include medical professionals, business people, and former politicians.
In addition, marijuana advocates are launching petition drives in hopes of placing the cannabis legalization bill on the 2016 ballot. According to MMJ Business Daily, those in favor of the industry making headway in Nevada foresee it becoming even larger than the current market in Colorado.
As the market expands and prospers in Nevada, sources for high risk merchant accounts will become more and more sought out. Marijuana-merchant-account.com offers such options for the merchants in the industry. According to their website, “We have helped hundreds of medical marijuana dispensaries with payment processing services. Our retail locations choose our solution because there are no processing fees, discount rates, or Interchange fees.”
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