Player’s Network (PNTV) couldn’t have invested at a better time. 2017 is set to be the biggest year yet in the national cannabis market. Nevada is quickly becoming one of the most cannabis-friendly environments in America. Signs include the recent decriminalization, state funding for recreational marijuana regulation, and a possible speedup of when recreational marijuana can be sold to consumers. As one of Player’s Network’s holdings is a marijuana company, this is welcome news for our investors.
One of our holdings is Green Leaf Farms Holdings, LLC (Green Leaf Farms), which will be open for business for medical marijuana and ready for recreational as soon as it becomes fully legal in Nevada. The first good indicator is marijuana’s recent decriminalization in the state. Marijuana can be consumed in the State of Nevada without a medical recommendation. The substance is scheduled to be available for recreational buying and selling on January 1, 2018, though the date may come sooner.
Another positive indicator of a receptive environment is the public investment approval. Marijuana Business Daily and the Reno Gazette Journal recently reported the Nevada legislature’s Interim Finance Committee approved a seed loan of approximately $871,000 to jumpstart Nevada’s recreational marijuana industry. The seed loan is meant to establish by this July:
- Licensing procedures for marijuana businesses ranging from growers to retailers
- Qualifications for licensing, security, packaging, labeling and testing
- Rules for oversight and enforcement of cannabis businesses and licenses
- Procedures for collecting taxes, fees and penalties
One issue distributors and consumers alike often complain about is the inconvenient legal situation in Nevada. Recreational use of marijuana and cannabis products is legal for adults 21 and over, but only medical patients can legally purchase marijuana. Marijuana Business Daily reports that Nevada’s Department of Taxation outlined a timeline they’ll present in a town hall forum in March. The plan would adopt cannabis regulations by May 8 and allow dispensaries to sell recreational marijuana as early as July 1, 2017.
Based on the same timeline, prospective distributors would be able to apply for a license and begin selling as early as October 2018. This would place the already-open dispensaries at a position of supreme advantage, since the mass of Nevada’s consumers including tourists will be a captive market. Green Leaf Farms will be more than ready to begin selling product in July 2017. The Player’s Network owns 86% of Green Leaf Farms, and our holding company couldn’t be entering the market at a better time.