Marijuana dispensaries in Nevada could have recreational product on the shelves as early as July, a development that would make the state the first new adult-use market created through last November’s election.
During an appearance before a panel of state lawmakers, the Nevada Department of Taxation outlined a timeline for the rules governing the new market, according to the Reno Gazette-Journal.
Regulators plan to hold a town hall forum in March to present temporary regulations that would allow existing medical cannabis dispensaries to sell adult-use products. Under the proposal, the tax department would adopt those regulations by May 8, paving the way for regulators to open the application process.
If the plan is adopted, the taxation department could begin issuing temporary licenses to dispensaries on July 1, the first day of the new fiscal year, the Reno Gazette-Journal reported.
The temporary permits would be valid until Dec. 31, or 30 days after permanent regulations are established, whichever comes first, according to the Las Vegas Review-Journal.
Based on the taxation department’s timeline, prospective business owners could apply for a rec cannabis license to begin selling by October 2018.
According to Marijuana Business Daily estimates, Nevada’s rec market could generate annual sales of $450 million-$550 million within a few years of the program’s launch.
Nevada voters approved adult-use cannabis last November, one of four states to do so through the ballot box.