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 Vision to Reality: Leading Innovation in Cannabis Experience
Thrive Cannabis Marketplace is pioneering a new era in Nevada’s cannabis industry. Mitch Britten, managing partner and CEO, expressed pride in setting a precedent within the state’s cannabis sector.
The lounge is set to offer a unique experience for cannabis enthusiasts, featuring a diverse selection of products and a cannabis-infused cocktail program in a vibrant, stylish ambiance.
Nevada’s Cannabis Market: An Economic Snapshot
With an estimated value of $850 million, Nevada’s cannabis industry is demonstrating signs of stabilization and growth. The state’s 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, showcasing robust economic metrics that underscore the market’s resilience.
Impact On Employment, Tax Revenue, and Local Economy
The introduction of cannabis lounges is anticipated to boost job creation, increase tax revenue, and strengthen tourism and 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, representing 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 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.
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