Like so many in the cannabis industry around the United States, Nevada cannabis companies still have to contend with more challenges than a traditional business, even though our set of laws concerning cannabis here in Nevada are relatively relaxed. Banks are still very reluctant to work with cannabis companies and merchant service relationships are difficult to obtain and keep. Advertising restrictions in the cannabis industry also make it difficult to make a dispensary easily discoverable, and this is all due to the federal Schedule 1 status of marijuana. It then behooves Las Vegas marijuana dispensaries and cannabis companies across the state to be as efficient as possible. These are all good reasons for Governor Sisolak to sign off on the creations of Nevada’s Cannabis Compliance Board.
The Cannabis Compliance Board has yet to receive its funding, but its aim will be to elevate Nevada’s cannabis industry so that it represents the best business standards around the country, just as it does with the gaming industry. The following will be the specific duties of this new board.
They will look at the Nevada Department of Taxation’s current regulations on cannabis and review Nevada’s gaming regulations to identify necessary elements to a successful Cannabis Compliance Board
The panel will look at potential banking solutions for Nevada’s cannabis industry
They will review the advertising restrictions at this time in reference to the cannabis industry
The review of confidentiality provisions used by the Nevada Department of Taxation, specifically in regulations of the cannabis industry and licensing
The panel will look at current enforcement strategies in place for the current cannabis establishment certificate holders
A review of antitrust rules geared towards the market’s concentration of cannabis establishment ownership groups.
They will look at current Nevada cannabis law, policy, and compact status for federally acknowledged tribes in the state
“Nevada’s gaming industry is seen as the international gold standard and there is no reason we cannot take steps to ensure our marijuana industry is viewed the same way.” Governor Sisolak told reporters.
If the new Cannabis Compliance Board can find a banking solution for the cannabis industry in Las Vegas and throughout the state, that could be a major benefit to cannabis companies of all sort that handle marijuana. Keeping cash on hand in stores poses a risk of potential of robberies and makes organization much more difficult. The U.S. may end up descheduling marijuana soon, which would also open doors to banking, but Nevada cannot count on that happening.