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Source: craftcannabiscollection.ca
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  • Fiore Cannabis (FIOR) highlights strong cannabis sales surge in Nevada market still recovering from impacts of the pandemic
  • Industry experts are projecting that the rise in legal cannabis consumption being seen during the pandemic will only continue to grow
  • A recent bill to make social use of cannabis lounges legal in Nevada, along with activities underway in multiple U.S. states is pushing the U.S. cannabis market forward
  • Fiore Cannabis is a publicly traded company that has been investing in the development of medical and recreational cannabis products since 2014
  • Fiore Cannabis (FIOR) is down 5.88 per cent and is trading at C$0.16 at 11:56 am ET

Fiore Cannabis Ltd. (FIOR) highlighted the sales data for the state's legal cannabis market for January 2021 and the opportunities this presents to Fiore Cannabis.

The data from the Nevada Department of Taxation confirms that retail cannabis sales hit a record high in January 2021 and were up 30 per cent year over year.

Data from the Las Vegas Convention and Visitors Authority for January shows that although tourism numbers are beginning to climb upward, they remain more than 60 per cent down compared to the previous year.

Industry experts are projecting that the rise in legal cannabis consumption being seen during the pandemic will only continue to grow as restrictions are removed and tourists return to the state.

"With Fiore, we have developed opportunities in both these states to be strong performers in specific market segments and to become vertically integrated over time," said Erik Anderson, President and CEO of Fiore Cannabis.

"In the past year, we have dealt with COVID-19 and the downtown in tourism while still growing our business in key areas, improving our operations and preparing for stronger performance in 2021," added Anderson.

A recent bill proposed in Nevada to make social use cannabis lounges legal in the state along with the broader activities underway in multiple U.S. states supporting legalization efforts are expected to continue pushing the U.S. cannabis market forward.

"We always believed the U.S. cannabis market was going to open up further, which would help drive our business model, increase demand for Fiore products, and ultimately generate returns for our investors," concluded Anderson.

Fiore Cannabis is a publicly traded company that has been investing in the development of medical and recreational cannabis products since 2014.

Fiore Cannabis (FIOR) is down 5.88 per cent and is trading at C$0.16 at 11:56 am ET.

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