For decades, Atlantic City was a popular tourist destination for folks of all ages looking to enjoy the city’s diverse set of entertainment spots. Starting out as a resort town more than one hundred years ago, Atlantic City saw its fortunes change when Resorts International opened its casino doors in 1978.
The city peaked in 2006 with a revenue of some $5.2 billion behind Las Vegas’ revenue of $10.6 billion. However, Atlantic City’s fortunes have been on a decline ever since. The Taj Mahal Casino, owned by former president Donald Trump, shut its doors in 2016, and the Revel Casino Hotel was sold in 2018.
Now that dozens of states have legalized cannabis, Atlantic City may be able to regain some of its former glory by taking advantage of the tremendous demand for cannabis. Marijuana has proven to be an extremely lucrative product, generating billions of dollars in taxes and providing hundreds of thousands of employment opportunities.
For starters, dispensaries in New Jersey had sold $24 million worth of recreational cannabis just one month after legal adult-use cannabis sales launched, representing the industry’s immense potential.
A recent Skift Meetings report found that cannabis has the potential to alleviate the city’s financial woes and help its economy recover. Since Atlantic City has more than 15,000 hotel rooms, it is a perfect place to hold large cannabis conventions. Cannabis trade shows such as CHAMPS trade shows or MJBizCon can bring in tens of thousands of tourists and generate significant revenue for the city.
Speaking at the Skift Meetings, Bridge Strategic Communications president Stu Zakim said that the city could be a wildly successful destination for cannabis conventions that require large facilities. Larry Seige, president and CEO of AC, was in agreement, stating that cannabis legalization laws have opened up a new market for meetings and conventions in the city that will have a significant economic impact.
According to the 3rd annual New Jersey Cannabis Convention (NECANN), which will be held at the Atlantic City Convention Center from Sept. 9–10, 2022, Atlantic City’s cannabis market is huge, untapped and brimming with potential. The state of New Jersey legalized recreational cannabis in February, and the industry, which is already generating millions of dollars in sales, has significant potential for growth.
Projections from MJBizdaily show that New Jersey’s recreational cannabis market is projected to achieve a valuation of $2 billion in 2026 from $625 to $775 million in 2021.
These high sales figures show just how huge the potential market for cannabis products from companies such as American Cannabis Partners can be once there are reforms at the federal level and prohibition is ended.
NOTE TO INVESTORS: The latest news and updates relating to American Cannabis Partners are available in the company’s newsroom at https://cnw.fm/ACP
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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