License Holders Losing Millions As Nevada Cannabis Licensing Hearing Trudges Forward

“There’s licenses for sale everywhere”

Cannabis businesses in Nevada with dormant retail cannabis licenses are missing out on significant profits and the state is losing tax revenue.

That is according to testimony on Tuesday from Thrive co-owner Phillip Peckman and former Essence co-owner Alex Yemenidjian during a cannabis license injunction hearing at the Regional Justice Center in Las Vegas.

“With time, effort, the money spent for two locations, development and buildout, leasing and all the fees, we’ve spent probably a couple million dollars,” Peckman said. “Plus, with not being able to open the new license locations — any of the six — we’ve lost all that revenue and the state and local governments have lost out on tax money.”

After a monthlong break in testimony, the two sides arguing over an injunction issued to stop the state’s 2018 retail marijuana licensing process were back in court on Tuesday for about five hours.

In December, the state approved 61 conditional licenses out of a competitive pool of more than 460. A group comprising more than two-dozen rejected applicants filed the injunction — which brought the licensing to a standstill — earlier this year.

Some say the competitive application process was unconstitutional. Some seek a do-over while others want financial damages.

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