Consumption lounges are set to hit the Nevada cannabis market in 2022.
The consumption lounges became authorized after Gov. Steve Sisolak signed Assembly Bill 341 into law in June. The legislation established the licensing and regulatory framework for cannabis consumption lounges in Nevada and paved the way for an unlimited number of lounges to open across the state, Cannabis Business Times previously reported.
The final passing of the legislation came roughly four years after Nevada legalized adult-use cannabis and years after setbacks and debates about the bill from the rival gaming industry, Cannabis Business Times reported.
However, the wait for consumption lounges in Nevada is finally over. According to The Nevada Independent, consumption lounges are on track to set up shop in the state by mid-next year due to a recent funding boost from the state's Interim Finance Committee (IFC).
Roughly two weeks ago, the IFC unanimously approved three items at the interim committee that would provide the state's Cannabis Control Board (CCB) with funds to acquire more staff, administer cannabis revenue toward education funding and work with the state's attorney general’s office to establish regulations, NI reported.
Tyler Klimas, CCB executive director, said the items passed by the IFC would “direct $10.9 million to fund 23 new full-time employees at the regulatory agency,” NI reported. Klimas also added that the employees hired would fulfill positions in control of the consumption lounges’ compliance and background checks, licensing, suitability determinations and criminal investigations.
According to NI, Klimas also told lawmakers that $304,000 was also approved to help the CCB work with the attorney general’s office to execute regulations.
Furthermore, the Board said it plans to meet later this year to establish regulations on the consumption lounges’ licensing and applications.
“All goes as planned; we’re looking at — at least the first quarter, or the first half of 2022,” Klimas said. “Not only to see the lounges open, but then also the first part is where we would start to realize that revenue.”
