logo
  

Nevada Cannabis Regulator Revokes Six CWNevada Licenses, Imposes Fine

Nevada's newly established Cannabis Compliance Board or CCB held its first board meeting earlier this week, where it approved a disciplinary settlement with one of the state's largest marijuana companies, CWNevada.

At the meeting, the CCB also approved a core set of regulations that will guide regulation of Nevada's cannabis industry. The CCB officially took over the state's cannabis enforcement on July 1, 2020.

CWNevada held 14 marijuana licenses and certificates in Nevada. The company operated the Canopi dispensaries in Las Vegas as well as several production and cultivation facilities.

The CCB said that the disciplinary settlement with CWNevada includes the revocation of six of its licenses, a fine of $1.25 million, and the remittance of all taxes owed amounting to $1.5 million.

It also includes the forced sale of the company's remaining eight licenses to pay back owed employee wages as well as other its financial obligations.

The registered owners of CWNevada will not be allowed to collect any proceeds from the sale and could face additional discipline, the CCB said.

A series of lawsuits have been filed against CWNevada, accusing the company of failing to pay state taxes, withholding payment to its employees, breaking contracts with business partners, and destroying evidence in ongoing civil cases.

A state investigation was launched into CWNevada's activities in 2018. A court-appointed receiver took over CWNevada in June to keep the company running so that its assets could be preserved and later redistributed to creditors.

At its first board meeting, the CCB also approved a core set of regulations for Nevada's cannabis industry.

The highlights of the regulations include an increase to all civil penalty categories; a more comprehensive licensing and approval structure for cannabis companies, owners and employees; and enhanced requirements for cannabis testing facilities, including more transparency of results.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Oil major Exxon Mobil Corp. (XOM) reported Tuesday that fourth-quarter net income was $12.75 billion or $3.09 per share, up from $8.87 million or $2.08 per share in the prior-year quarter. Excluding special items, adjusted earnings were $3.40 per share, compared to $2.05 per share in the prior-year... La Mirada, California-based Daiso California LLC is recalling certain Matsunaga Mini Shiruko Sand Biscuits citing undeclared soy, an allergen, the U.S. Food and Drug Administration said. The recall incolves Matsunaga Mini Shiruko Sand Biscuits with sku 4902773016966, packaged in four pink and cream bags chained together. Each individual serving is 25g for an entire product weight of 100g. Swiss banking giant UBS Group AG reported Tuesday a higher profit in its fourth quarter with drop in operating expenses, while revenues were weak. Further, the company lifted its dividend, and said it plans more than $5 billion share repurchase. UBS shares were losing around 3 percent in Swiss trading as well as in pre-market activity on the NYSE.
Follow RTT