Nevada Officials Begin Rolling Out Recreational Marijuana Regulations
The State of Nevada legalized recreational marijuana use last November. State officials say they are now ready to begin the process of rolling out regulations for the newly legalized market. Nevada will launch some temporary regulations just to get the smoke rolling.
Beginning in July, the state's medical marijuana dispensaries will be given temporary permissions to sell recreational marijuana. Officials say that new permanent regulations for recreational sales will roll out before the end of the year.
The announcement meets the expectations of many industry experts and investors, who billed Nevada as the fastest-moving marijuana market in the nation. Recreational marijuana is now legal in Alaska, California, Colorado, Maine, Massachusetts, Oregon, Nevada, and Washington. Will Nevada blow past them all?
One major investor believes so. David Stadnyk, the former CEO of Supreme Pharmaceuticals is planning to launch his new marijuana business, Friday Night, in Las Vegas. Stadnyk has high hopes for the new location and all it will bring to the industry.
“We believe it's going to be the epicenter of marijuana in the world,” he said. Friday Night launched with a competitive advantage as the first marijuana cultivator approved in Southern Nevada. Currently housed in a 12,000-square-foot facility, Friday Night will expand to 50,000-square-feet by the end of summer.
In addition to all the gambling action and the high number of visitors in Las Vegas, Stadnyk believes the Las Vegas culture itself will influence the marijuana industry. “The whole society is looking differently at marijuana than they did even three years ago,” he said.