In a groundbreaking development for Nevada's cannabis sector, Smoke and Mirrors, the first cannabis consumption lounge in the state, has obtained final approval to begin operations.
Located on Sammy Davis Jr. Drive in Las Vegas and part of Thrive Cannabis Marketplace, Smoke and Mirrors was the first to pass a Nevada Cannabis Compliance Board inspection, showing full regulatory compliance.
From Provisional Licensing To Final Go-Ahead: Leading Innovation
Thrive Cannabis Marketplace is at the forefront of this burgeoning sector. Mitch Britten, managing partner and CEO expressed pride in setting a precedent within Nevada's cannabis industry.
The lounge will offer a novel experience for cannabis enthusiasts, featuring a diverse selection of products, a cannabis-infused cocktail program in a vibrant, stylish ambiance.
Nevada’s Cannabis Market: An Economic Overview
Nevada's cannabis industry, with an estimated value of $850 million, is demonstrating signs of stabilization and growth. The state's cannabis market benefits from steady tourist flows to Las Vegas and positive economic indicators, supporting a vibrant dispensary scene and dynamic market conditions.
Nevada is home to 104 licensed dispensaries, boasting strong economic metrics that underscore the market's robustness.
Impact On Jobs, Tax Revenue And Local Economy
The introduction of cannabis lounges is anticipated to boost job creation, increase tax revenue and strengthen tourism as well as the local economy in Nevada. These lounges are expected to generate direct employment and further support job growth in tourism and other related sectors.
In 2022, Nevada’s tourism industry significantly impacted the economy, generating $90.7 billion in total economic impact, which represented 43% of the state's total GDP, and supported 386,200 jobs or 27% of Nevada's total employment, with wages and salaries totaling $21.4 billion.
Additionally, cannabis lounges are expected to enhance tax revenues via the various ancillary industries. Real estate and development opportunities are also expected to increase as entrepreneurs seek locations for new lounges, potentially boosting construction industry activity and property values.
Planet 13 Holdings Inc. PLNHF, for instance, has announced the integration of a consumption lounge with its Cannabition experience in Las Vegas, highlighting the potential for lounges to contribute to economic dynamism and innovation.
Other established cannabis companies operating in Nevada include AYR Wellness AYRWF, Curaleaf Holdings CURLF and Green Thumb Industries GTBIF.
Join the Benzinga Cannabis Market Spotlight: California, and unlock the future of cannabis at the premier networking event in Culver City on February 22. Connect with top industry leaders, gain insider insights into the investment landscape, and shape the evolving markets in California and beyond. Don’t miss this chance to be at the forefront of the cannabis industry’s growth and innovation! Join now.
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