Interestingly, while Nevada legalized medical cannabis in 2000, the state’s program did not go into effect until 2013, when S.B. 374 was signed into law, establishing a state regulated dispensary program. Licenses for dispensaries and cultivation facilities were awarded in 2014 and facilities began opening in 2015.
Legalization of recreational marijuana occurred in 2016 and it allowed:
- Adults, age 21 and older, to purchase marijuana for recreational use,
- Possess up to an ounce of cannabis,
- Cultivate up to six plants at home, as long as their residence is at least 25 miles away from a licensed dispensary.
The recreational cannabis program has some restrictions, such as the number of retail stores allowed in a specific county; this depends on the population of the county. In addition, wholesale cannabis is subject a 15 percent excise tax. More information about the program can be found at this link, which includes the entire text: https://www.regulatemarijuanainnevada.org/full-initiative-text/
Currently, the state is not accepting new applications for cannabis businesses, but it is important to know what business plans are required in order to apply for a license in the even that Nevada opens up the application.
Inventory Control Plan – Relates to inventory management, such as the amount of products and supplies that need to be ordered, waste, outdated products, etc.
Financial Plan – Comprehensive assessment of the current and future financial state of a company.
Security Plan – Examples of topics covered in this plan is plans to protect assets and prevent a huge loss due to employee mistakes.
Procedures and Policies – Clear statements of how a company intends to conduct its business, services, or products.
Patient Record Keeping Plan – Applicable to medical cannabis dispensaries.