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420 with CNW — Las Vegas Consumption Lounges Usher in New Era for Cannabis Industry

Cannabis News Wire, Media Partners

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The much-anticipated introduction of cannabis consumption lounges in Las Vegas has finally materialized, with almost 20 establishments reportedly nearing completion, according to regulators. Thrive Cannabis Marketplace opened its first licensed lounge next to its store, just off the renowned Las Vegas Strip, while Smoke and Mirrors Cannabis Lounge opened for business later, having passed the last site inspection by Nevada’s Cannabis Compliance Board (CCB).

For Reset, a marijuana hospitality company with offices in Las Vegas that offered advice to Thrive, the trip took around seven years, according to managing partner Chris LaPorte. The schedule was further extended by bureaucratic procedures, construction delays and regulatory obstacles. Furthermore, the COVID-19 pandemic severely hampered advancement.

However, the majority of these difficulties appear to be resolved now that multiple operators are awaiting CCB’s final certification to launch their consumption lounges. The anticipation surrounding the establishment of consumption spaces in Las Vegas has been building for years, with some having hoped to launch as early as 2022 and others last summer.

However, up until last month, the NuWu Cannabis Marketplace, situated on tribal land near downtown Las Vegas, stood as the sole legal lounge in Nevada.

The proliferation of lounges faced setbacks in 2023 due to stringent regulations concerning smoke ventilation, necessitating substantial investments in advanced HVAC systems by operators. The CCB eventually relaxed air-ventilation requirements for lounges in June 2023. Air quality worries in the industry appear to have since subsided.

Smoke and Mirrors took measures to minimize smoke within its premises, offering alternative consumption methods and premium accessories such as Stündenglass gravity bongs and Chill Steel Pipes. The lounge’s 1,200-square-foot space boasts mid-century modern décor reminiscent of classic Vegas aesthetics. Since its opening on February, it has attracted an average of 80 visitors daily, with an equal split between tourists and locals.

The lounge’s menu includes various products, including dabs, pre-rolls and flower eighths, priced between $20 and $75. Visitors are prohibited from bringing their own marijuana products or accessories into the lounge, and purchases cannot be taken outside the venue.

LaPorte highlighted the establishment’s focus on offering marijuana-infused mocktails, which have proven popular among patrons. The venue’s mocktail menu features marijuana-infused versions of classic drinks, with options ranging from 2.5 to 5 milligrams of THC, priced between $19 and $23.

An estimated 60 to 65 licenses were predicted to be granted when Nevada officials approved consumption lounge regulations in June 2022. As the countdown to 420 (April 20, 2024) approaches, numerous Nevada lounges are nearing final approval, with 18 businesses currently in the final stages of preparation.

Leading cannabis companies such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) are likely to keep a close eye on the way the consumption lounges transform the industry in Las Vegas because there may be valuable lessons to learn should this trend spread to other states and jurisdictions.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of an article each business day at 4:20 p.m. Eastern – a tribute to the time synonymous with cannabis culture. The concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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