Article by Colton Lochhead, Las Vegas Review-Journal
The Nevada Tax Commission adopted temporary regulations proposed by the Department of Taxation that will allow the state to issue recreational marijuana licenses by July 1. Most of the regulations were copied from the state’s medical marijuana program.
Tax department director Deonne Contine stressed the urgency in getting the regulations adopted so the state can meet Gov. Brian Sandoval’s proposed budget request, which includes $70 million from recreational marijuana taxes over two years.
“If we don’t adopt the regulations, we will not have a temporary program. If we don’t have a temporary program, we will not have the revenue that’s included in the governor’s budget,” Contine said.
For the marijuana industry, Monday’s decision means lifeblood.
“Its great for the state. It’s great for the industry. I think its great for everybody,” said Armen Yemenidjian, owner of Essence Cannabis dispensaries. “This is a display in how Nevada gets things done.”
The state’s stamp of approval shifts the focus to local governments.
Marijuana companies need both a state and local license to operate.
Clark County is scheduled to begin licensing by July 1, and officials for the cities of Las Vegas and North Las Vegas said Monday both municipalities plan to do the same.