Cannabis Compliance Board new for Nevada

CARSON CITY, Nev. (KOLO) During its first year of business, the cannabis industry in Nevada generated nearly $70,000,000 in tax revenue. That's about 140% of what the state anticipated.

With such an outstanding performance financially, why would the Governor propose this?

“That's why I am announcing that next week I will sign an executive order, Nevada's first-ever Cannabis Compliance Board, which will ensure this critical part of the state's future economy is positioned to become the gold standard in our nation,” said Governor Steve Sisolak during his State of the State Address last week.

While you would think the cannabis industry would repel from such an idea, we found one owner who welcomes it.

“It is a brand new industry. It is a brand new industry nationwide. A few years old at best. Colorado and some other states. So it is in its infancy. So now is the time to get a handle on it. And really guide it so we are not so wild, wild, west, and we are more legitimate,” says Neil Duxbury, owner of SOL Cannabis.

The industry is already heavily regulated. Growers are inspected. Rules apply as who can buy and smoke marijuana, and where that can all be done. Most of it under the watchful eye of the state's taxation department.

But there are still unanswered questions as to how this industry should progress. Other states that have legalized marijuana, medical and recreational, have their own methods of regulation.

Duxbury believes we can adopt some of those methods but more importantly create our own.

The Governor says our state's Gaming Control Board is world renowned, and the Cannabis Compliance Board can gain the same reputation. But there's something more here than just notoriety.

“We have to make sure that we are above board in all aspects of this business. If not, the Department of Justice can quite frankly shut it all down,” says Assembly Majority Leader Teresa Benitez-Thompson (D-27).

Expect lawmakers to hash out the details of the Cannabis Compliance Board this legislative session, which gets underway next month.