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420 with CNW — Nevada Regulators to Hold Cannabis Consumption Lounge License Lottery

Marijuana industry regulators in Nevada announced on Thanksgiving eve that they would be holding two lotteries to select the first companies to receive licenses to operate standalone marijuana consumption lounges. These lotteries will be held on Wednesday, Nov. 30, 2022.

In total, 20 licensees will be selected, out of which 10 will be social-equity applicants while the other 10 will be companies that don’t fall into the social-equity category. There will be a lottery for each of these two types of licensees. Random number selection machines will be used during those draws, the Cannabis Compliance Board (CCB) announced. The regulators expect the companies selected to open shop within the first six months of next year.

Earlier this month, the CCB had revealed that a total of 100 applications had been submitted for cannabis consumption lounge licenses when 10 days were given as the timeframe within which interested entities could submit their applications. It should be noted that more than 12 months have passed since a law legalizing consumption lounges for marijuana was passed and signed by Nevada Governor Steve Sisolak.

Under that law, existing companies licensed to operate marijuana retail stores can also apply to operate a consumption lounge. These retail outlets aren’t subject to a selection process as is the case for the standalone cannabis consumption lounge applicants. Applications are open to facilities that intend to pair marijuana consumption with other features, such as offering yoga, serving marijuana-infused food, using marijuana during massage or other services involving marijuana.

Sisolak praised the approach taken by Nevada, calling it a different take from the way other states are regulating marijuana consumption lounges. He pointed out that unlike what is happening in other jurisdictions, Nevada’s lounges will operate as one-stop locations for all forms of entertainment involving marijuana. This, he says, will create jobs, enable the industry to grow and boost the overall economy of the state.

The rules approved by the CCB indicate that the consumption lounges must be away from public view and a separate room should be earmarked for patrons who would like to vape or smoke marijuana. Alcohol, nicotine and other tobacco products won’t be allowed within the consumption lounge premises; only marijuana is permitted.

The regulations also spell out the potency limits for different marijuana products. For example, dabbing or vape-able cannabis products should contain no more than 300 mg of THC while edibles shouldn’t exceed a 10 mg THC concentration.

As Nevada rolls out its consumption lounges for marijuana, other jurisdictions where ancillary companies such as REZYFi Inc. operate and serve marijuana companies could also follow suit and tweak their regulations to allow consumption lounges to open.

NOTE TO INVESTORS: The latest news and updates relating to REZYFi Inc. are available in the company’s newsroom at https://cnw.fm/REZY

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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