Nevada Cannabis Business Licenses
WHAT IS NEVADA'S CURRENT CANNABIS MARKET STATUS?
The cannabis industry in Nevada is growing and has immense potential as recreational-use cannabis recently became legal. Medical-use cannabis has been legal much longer, since 2000. Nevada has different licenses available: cultivation, distribution, and retail. Individuals are not allowed to grow their own cannabis plants unless they are farther than 25 miles from a cannabis dispensary in Nevada. One dispensary in Nevada estimates that they receive 50 to 70 patients a day on average. As of 2016 there were 11,000 medical cannabis cardholders in Southern Nevada.
WHAT ARE NEVADA'S CANNABIS LAWS?
In 2000, medical cannabis was legalized in Nevada under the Nevada Medical Marijuana Act or Assembly Bill 453. Some conditions that are approved for legal medical cannabis use include AIDS, Cancer, PTSD, and other chronic illnesses.
Recreational cannabis was legalized in 2017 under the Initiative to Regulate and Tax Marijuana which opened up avenues for cultivation, distribution, and retail licenses. The restrictions on legal commercial medical cannabis operations were limited to 372 businesses within the state: 182 for cultivation, 118 for production, 55 for dispensaries and 17 for independent testing laboratories. But, these restrictions are easing up. As of 2018, there were 65 dispensaries in Nevada.
WHAT IS NEVADA'S CANNABIS LICENSING TIMELINE & CANNABIS APPLICATION PROCESS?
In late 2018, individuals could only be able to apply for licenses if they were current cannabis license holders. There is not a set timeline for cannabis-related business licenses getting approval from the state, it is a case by case basis.
WHAT IS THE HISTORY OF CANNABIS IN NEVADA?
Nevada was an early adopter of medical cannabis in the United States. In 1998, the Nevada Medical Marijuana Act passed, and was officially put to action in 2000. This law officially legalized medical cannabis.
As for recreational use, Nevada was the only state in the U.S. where possessing any amount of cannabis was a felony offense. In 2001 Assembly Bill 453 legalized medical use of cannabis in Nevada and eased penalties for cannabis possessions up to one ounce to fine-only misdemeanors for first and second-time offenders.
In 2002 and 2006, efforts to legalize recreational cannabis failed amongst policymakers, but in 2016, the Initiative to Regulate and Tax Marijuana was passed and legalized possession of up to one ounce of cannabis for adults over the age of 21. Possession and consumption of cannabis officially became legal in 2017, and the first sales of recreational cannabis started in July of that year.
DOES NEVADA HAVE A HEMP PROGRAM?
ARE YOU PREPARING FOR THE NEVADA CANNABIS MARKET?
Although Nevada cannabis dispensary licenses are not currently being accepted, the newly legal recreational cannabis industry is very promising. During these early stages of development, there are many ways to support the cannabis movement within Nevada. Contact Point7 to learn the steps you can take to ensure readiness when recreational passes and licenses become available.