Cannabis Industry Opportunities
Nevada
The Nevada Cannabis Compliance Board recently released regulations regarding Cannabis Consumption Lounges and how to apply for a license to operate one of these establishments. The rules and regulations for applying for a Cannabis Consumption Lounge online can be found HERE. About 40-45 licenses will be issued to existing licensed retailers, and another 20 licenses will be issued for independent applicants who do not hold an existing retail operator license. Approximately 10 of those licenses will have discounted fees and given to social equity applicants.
Nevada voters legalized the use of medical marijuana in 2000. In 2013, Senate Bill 374 was introduced to implement a regulated retail medical marijuana system. While 372 facilities received provisional certification under SB374 only 65 were authorized to operate by the end of 2016. In November, 2016, Nevada voters passed Question 2, authorizing the sales of recreational marijuana. Under the initiative, only existing licensees were eligible to conduct retail sales for the first 18 months of operations.
The Department of Taxation is responsible for licensing and regulating retail marijuana businesses in Nevada and associated Nevada Marijuana Laws. As of July 1, 2017, the Department is also responsible for the state's medical marijuana program.
The state Department of Taxation is responsible for licensing and regulating retail marijuana businesses in Nevada and associated Nevada Marijuana Laws. As of July 1, 2017, the Department is also responsible for the state's medical marijuana program.
Nevada Senate Bill 305 adopts the U.S. Farm Bill, Section 7606 regulations and imposes them within the state of Nevada. This allows eligible Nevada producers, under the guidance of an authorized government entity, to carry out research projects within the state of Nevada relevant to the cultivation of industrial hemp.
The Nevada Department of Agriculture is the entity responsible for providing support to industrial hemp growers, seed producers and handlers. The Department will ensure that all seasonal trials abide by the standards set forth in Senate Bills 305 and 396. The following information describes necessary requirements that are to be followed by any program applicant.
Nevada is not licensing new marijuana entities at this time.
When the Department is accepting applications, you can learn more at the Department of Taxation's Marijuana License Applications page.
Nevada is not licensing new marijuana entities at this time.
When the Department is accepting applications you can learn more at the Department of Taxation's Marijuana License Applications page.
In November 2000, 65% of Nevada voters approved ballot Question 9, which allowed the use of medical marijuana in Nevada and authorized home cultivation with a patient registry. Details are listed in Nevada Revised Statutes Chapter 453A: Medical Use of Marijuana.
In June 2013, Governor Sandoval signed Senate Bill 374 , authorizing licensed medical marijuana facilities for cultivation, production, dispensaries, and laboratories, and updated NRS 453A to allow for their regulation.
The initial ten-day application period for medical marijuana facilities was August 5-18, 2014. Nevada received 519 applications, which by law had to be scored and ranked within 90 days. On November 3, 2014, Nevada granted provisional certificates to 182 cultivation, 118 production, 55 dispensary, and 17 independent testing facilities. The first received final certification and opened in March 2015. By the end of 2016, only 65 of the 372 facilities with provisional certificates had received final certification.
In November 2016 Nevada voters passed Question 2 , authorizing the sales of recreational marijuana. For the first 18 months from the date that recreational dispensaries are allowed to open, only those with a medical marijuana license were allowed to own and operate recreational facilities. As with the medical framework, counties are legally allowed to ban recreational dispensaries. Some retailers were able to begin sales for recreational marijuana on July 1, 2017. Nevada accepted additional license applications in 2018. Green Rush Consulting submitted a winning application on behalf of a marijuana cultivator.
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Nevada is projected to retail around $48 million in its first full year of medical sales, about $163 million in the second year, and approximately $387 million in the third year of legal medical cannabis sales. - Akerna
If you are just starting your marijuana business, the best next step is to create a Business Plan to educate your team and prepare for the marijuana business license application process.
If you are ready to apply for a Marijuana Business License in Nevada, please contact us or call our offices to set up an appointment. You can also explore other state opportunities or fill out our Contact Form to discuss strategies such as investment or partnership opportunities.
Our headquarters are located in the San Francisco Bay Area and Las Vegas Nevada. We offer a full suite of custom solutions for your cannabis business including business planning, license application development, and investment opportunities. If you are in need of assistance, please call us during business hours listed below. Thank you.
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