Nevada voters passed the Regulation and Taxation of Marijuana Act by ballot initiative in 2016. The Act legalized the purchase, possession, and consumption of adult-use cannabis for adults 21 and older.
In June 2021, Governor Steve Sisolak (D) signed into law Assembly Bill 341 allowing cannabis consumption lounges in the state, making Nevada one of nine states that permit on-site consumption of recreational cannabis.
Only the owner of a licensed adult-use store is eligible for a retail cannabis consumption lounge license – one person cannot hold both retail and independent cannabis consumption lounge licenses.
At least half the licenses issued to independent cannabis consumption lounges must be awarded to social equity applicants.
October 2022 | Curaleaf closed the acquisition of Tryke Companies for $180MM versus the originally announced ~$300MM purchase price
May 2022 | MJ Harvest announced acquisition of Cannabis Sativa for $13MM
April 2022 | Jushi completed its acquisition of NuLeaf for $62.5MM
February 2022 | Flower One Announced $10.1MM in financing and successful loan modification to term debt
September 2021 | Akerna acquired 365 Cannabis for $25MM
September 2021 | Jushi signed a definitive agreement to acquire Apothecarium dispensary
July 2021 | Verano Holdings announced its acquisition of Sierra Well for $29MM
January 2020 | Curaleaf acquired Acres Cannabis
June 2019 | GTI acquired Integral Associates
Multiple public MSOs have operations in the Las Vegas market already, but investors should be wary of backing Nevada operators unless a Las Vegas foothold is integral to a broader multi-state strategy. With roughly 100 retail stores open for less than $80MM in monthly revenue, the Las Vegas market is primed and ready for acquisition.