Legal Opinions, a Nevada Business Magazine annual feature for nearly a decade, is a compilation of expert knowledge on a variety of topics. Written by attorneys, all of whom are highly educated on their featured topic, this special report is a one-stop resource for executives.
Articles in the 2020 edition of Legal Opinions range from marijuana to politics and working from home. Each provides business leaders with a glimpse into complex legal issues.
New Statutes and Regulations Bring a World of Change to Nevada Cannabis Compliance Alicia Ashcraft Jeffrey Barr
By: Alicia Ashcraft and Jeffrey Barr, Partners, Armstrong Teasdale LLP
In June 2019, the Nevada Legislature passed Assembly Bill 533, which restructured the regulation of the Nevada cannabis industry. This new structure has both benefits and challenges. Previous iterations of this article emphasized how critical compliance would be for the cannabis industry. That remains true today, perhaps with added complexity in light of these changes and the global impact of COVID-19.
AB 533, now codified in Nevada Revised Statutes 678A, 678B, 678C and 678D, establishes the framework for the Cannabis Compliance Board (CCB) and the Cannabis Advisory Commission (CAC). The CCB officially took the helm of regulatory authority over the industry on July 1, 2020, and immediately adopted its regulations at the CCB’s first meeting on July 21.
Currently, three of the five members of the CCB have been appointed – former Nevada Supreme Court Justice Michael Douglas, former Nevada Gaming Control Board member Dennis Neilander and Jerrie Merritt, a Senior Vice President of Bank of Nevada. The CCB has authority to adopt regulations and impose discipline, and refer disciplinary actions to the Nevada Attorney General for prosecution.
The CAC, however, was established to study issues related to the industry and provide advisory opinions. The CAC will include the Executive