Cannabis Briefs for June 27, 2023
June 27, 2023•Nevada took a major step toward the advent of social cannabis spaces in recent days when the state’s Cannabis Compliance Board (CCB) approved the first three business licenses for them. The three awardees are cannabis superstore operator Planet 13, along with The Venue at Sol Cannabis, and Thrive Cannabis Marketplace. From 40 prospective licenses issued in November, these three have had their paperwork vetted and move on to building out their venues, with only a final inspection and local approval standing between opening. The regulations for consumption lounges are flexible and could allow businesses to operate cannabis yoga spaces, serve infused food, or conduct THC massages, among other possibilities.
•Minnesota’s legal cannabis market is expected to reach $1.5 billion in annual sales by 2029, according to an analysis by cannabis law firm Vicente LLP. Following the recent passage of the state’s legalization bill, retail sales are expected to begin in January 2025, generating around $550 million in the first year. That figure is expected to climb very quickly to reach $1.4 billion annually by 2028, with slower growth projected after that. Vicente projects around 700,000 consumers to participate in the licit market, with the vast majority being state-resident recreational purchasers.
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