CCB Issues First Cannabis Consumption Lounge Prospective Licenses
Successfully closing first open cannabis license application period in Nevada since 2018
(LAS VEGAS, NV) – On November 30, the Nevada Cannabis Compliance Board (CCB) issued 40 cannabis consumption lounge prospective licenses, following its random number selection event. The full list of prospective license holders can be found, here. This was the first licensing round conducted since the CCB began regulating the industry and represents the first major opportunity for new businesses to enter Nevada’s cannabis industry since 2018.
“We know that all eyes were on Nevada during this 17-month process,” said CCB Executive Director Tyler Klimas. “While the concept, itself, is not new, this is one of the most robust and ambitious statewide consumption lounge programs to date.”
During the October application window, the CCB received 99 complete applications from 13 states in addition to the Silver State, including California, Colorado, Georgia, Illinois, Iowa, Missouri, New Jersey, New Mexico, New York, Pennsylvania, South Carolina, Texas, and Wyoming.
Furthermore, Assembly Bill 341 (2021), which authorized the CCB to license and regulate cannabis consumption lounges, created the distinction of a social equity applicant. Per state law, half (10) of the 20 independent cannabis consumption lounge licenses initially issued were designated for social equity applicants.
“The hope is that these new social equity licenses not only allow for new ownership and opportunities in the cannabis industry, but also, that they ultimately benefit the people and the communities that have been negatively impacted by previous drug policy,” added Klimas.
All prospective license holders have been notified of their application status. Moving forward, prospective license holders have 120 days to provide documentation and information required for the CCB’s suitability investigation. After receiving final inspection, licensure, and approval by the Board, cannabis consumption lounges may open. Additionally, applicants will need to meet any separate requirements and receive approval from the local jurisdiction in which their proposed cannabis consumption lounge is located.
“I was proud to sponsor and shepherd AB 341 through the legislative session and to the Governor’s desk with bipartisan support in 2021,” said Speaker Elect Steve Yeager. “I am thrilled that 40 prospective licensees are now on the path to making their visions a reality. I congratulate them and look forward to seeing their unique and creative concepts come to life in the Silver State.”
The CCB expects cannabis consumption lounges to open on a rolling basis over the next year with the first likely to open before Summer 2023.