A long-desired move by a sector keen to better capitalize on the state’s thriving tourism business has finally been made by Nevada officials, who have completed regulations that allow an estimated 60–65 marijuana consumption lounges access to the state’s cannabis market.
According to a Cannabis Compliance Board news release shared on social media, the first marijuana consumption lounges are predicted to open before the end of the year.
A year after lawmakers enacted a measure allowing the lounges and following 15 public hearings and workshops on the subject, the regulatory board adopted the regulations on Tuesday.
According to the Nevada Independent, approximately 40–45 licenses would be awarded for lounges connected to current marijuana retailers and another 20 for independent lounges.
According to The Independent, 10 of those licenses would have reduced rates for candidates who demonstrated a commitment to social fairness or who had a nonviolent marijuana record and resided in a designated underprivileged region.
The restrictions have been criticized for having a high entrance barrier: to be eligible for a license, applicants must demonstrate that they have $200,000 in cash assets.
The adoption of the regulations must be seen as the initial action. Before the vote on Monday, Tyler Klimas, executive director of the Cannabis Control Board, told the Independent that it wouldn’t be flawless.
According to a news release from the Cannabis Control Board, the next stage is to inform potential applicants about the procedure through live webinars, tutorials, and other materials.
This fall, regulators are anticipated to start the application process.
Given that some retailers have already developed facilities in anticipation of gaining consumption permits, Klimas told the Independent that he thinks some cannabis consumption lounges could operate before the end of the year.
Nevada recreational marijuana sales are expected to reach $900 million to $1.1 billion this year, according to the MJBizFactbook for 2022.
According to state figures, marijuana sales in Nevada reached $1 billion for the fiscal year that concluded on June 30, 2021.
