Nevada Cannabis Market
New License Opportunities in the Nevada Marijuana Market
Nevada Consumption Lounge Licenses: Apply by October 27, 2022
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On July 1, 2020, the new Cannabis Compliance Board assumed regulatory control of the Nevada marijuana market from the Nevada Department of Taxation.
Regulatory compliance remains one of the highest areas of risk for cannabis businesses in Nevada — and one of the hardest to manage. It takes a vast amount of time and resources to keep up with the state’s extensive regulations — which could change under the new agency’s leadership.
Going beyond Standard Operating Procedures (SOPs) to nimble and flexible approaches that can survive real-world demands is essential to a thriving business. Let our team of cannabis experts help your cannabis business with compliance audits, adaptable SOPs, and/or improving operational efficiencies.
Expert Cannabis Business Guidance in Nevada
Nevada’s mature marijuana market currently has opportunities for business acquisition and value-driven investments. The state doesn’t place restrictions on non-resident ownership or outside investment sources, so the market holds potential for new entrepreneurs and investors.
Successfully competing in the robust, competitive, and highly-regulated Nevada cannabis market requires a well-calculated strategy. Working with our team of cannabis consultants now can help you navigate the changing Nevada marketplace.
Market Conditions in Nevada
Strong growth projections for Nevada's marjuana market are tempered by heavy compliance burdens, high taxes, and the state’s dependence on tourism for marijuana sales. Adult-use cannabis was legalized by ballot measure in 2016, with sales beginning in 2017. Most dispensaries in Nevada serve both medical patients and adult-use consumers. Nevada approved final certificates for 333 adult-use marijuana establishments in 2019:
- 134 cultivation licenses
- 96 production licenses
- 66 dispensary licenses
- 11 independent testing laboratory licenses
- 26 transportation licenses
While Nevada voters legalized cannabis for medical use in 2001, the first medical dispensary opened over a decade later in 2015. During the initial licensing round for medical marijuana businesses in 2014, the state granted 372 provisional certificates: 182 for cultivation, 118 for production, 55 for dispensaries, and 17 for independent testing laboratories.
Stay up-to-date on cannabis in Nevada
Cannabis legalization is changing rapidly. The cannabis consultants at Canna Advisors can help develop your business from the ground up. For the latest news and events in the industry, visit our Blog and News and Events pages, and have a look at some of the following top articles on cannabis in Nevada.
"Sisolak's third appointee to five-member Cannabis Compliance Board is Nevada banker" - Nevada Independent
A smarter, more strategic approach to Nevada cannabis business Operations
Lean on our proven expertise and unparalleled track record to set your Nevada cannabis business up for success.