The Highs and Lows of Marijuana Legalization Revisited

June 4, 2019 at 1:00pm2:00pm
International Association of Gaming Advisors - 2019 Gaming Summit
The Ritz Carlton Half Moon Bay

1 Miramontes Point Rd
Half Moon Bay

Bill moderates a panel discussing how an increasing number of operators are facing macro compliance issues due to the significant influx of cash they believe is coming from marijuana businesses, which raises source of funds and structuring issues. FinCEN has never revised its marijuana guidance since the administration withdrew the Cole opinion in January, so the situation is murky. The Nevada Gaming Commission, as a result of Gaming Policy Committee meetings earlier this year, has allowed casinos to engage in B2B relationships with the legal marijuana industry, including hosting trade shows assuming no product or paraphernalia is involved. And, with more states adopting legal marijuana, either medical or recreational, Nevada may be the case of first impression on these policies. If the federal government continues to classify marijuana as a Schedule 1 drug and Nevada regulators don’t change their position on marijuana ownership/engagement because of the Foreign Gaming Act, there will continue to be friction between legal state policy and gaming operators, especially those with Nevada licenses.