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420 with CNW — Nevada Legislative Committee Approves Bill Allowing Marijuana Consumption Lounges

Last week, a legislation to permit on-site cannabis consumption lounges was approved in an Assembly committee in Nevada. Backed by Speaker Pro Tempore Steve Yeager, the bill would establish two new categories for marijuana business licenses in Nevada. One of the categories would cater for independent marijuana consumption lounges and the other for retail marijuana consumption lounges.

Under the social use legislation, existing retailers will be allowed to apply for retail consumption lounge licenses as well as sell products to individuals aged 21 or older, which could be ingested on-site. However, independent lounges will be required to have cannabis products their clients consume delivered from a licensed retailer as the lounges will not be allowed to sell marijuana.

In addition to this, the committee approved an initiative that would ensure that the THC concentration in an individual’s blood would not be the only measure used to determine impairment while driving. This comes after no scientific evidence highlighting a link between active impairment and the amount of THC metabolites found in the blood was discovered.

That said, holders of independent licenses may enter into contracts with adult-use retailers to sell their products or make a request to regulators to sell the marijuana they (the licensed lounge) produce.

Additionally, the legislation stipulates that the Cannabis Compliance Board will be in charge of setting fees for license applicants and formulating regulations for on-site consumption facilities. It should be noted that businesses that qualified to be social equity applicants would pay reduced fees. The bill also states that any individual who has been afflicted by prior laws that made activity relating to marijuana illegal will be deemed to be a social equity applicant.

Before the bill was advanced through the Assembly Committee, Yeager suggested that a revision be made to the legislation ensuring that products bought at the aforementioned establishments could not be taken from the facility.

Earlier in 2019, the city council of Las Vegas approved a rule that allowed consumption sites within the city limits. In the same year, Alaska enacted regulations that would allow cannabis users the option to use on-site at dispensaries, making it the first state in the country to do so.

The state of Colorado approved a measure soon after this that legalized cannabis hospitality establishments and marijuana tasting rooms, where individuals aged 21 and above could freely use marijuana. Affording consumers this option and introducing new license types could further increase cannabis tax revenues in the state of Nevada.

Companies that hold cannabis licenses in Nevada, such as Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF), are likely to watch closely how the eventual licensing of consumption lounges will impact the industry in general.

NOTE TO INVESTORS: The latest news and updates relating to Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) are available in the company’s newsroom at https://cnw.fm/GLDFF

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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