The commencement of Nevada’s new recreational marijuana laws is scheduled for July 1, less than two weeks away. However, this doesn’t mean that people will be openly using cannabis throughout the Silver State. Despite the legality of marijuana use in the state, casinos are keeping a wide berth from marijuana and its burgeoning industry.
Wynn supposedly 86es marijuana distributor
Isaac Dietrich is a corporate figure who currently holds the position of CEO at MassRoots, a company that recently took over High Times Magazine. For those who may not be aware, High Times is a leading publication in the marijuana industry. The overarching objective of MassRoots is to unify businesses in the cannabis sector and advocate for the nationwide legalization of cannabis.
Recently, Dietrich submitted an application for Wynn Casino’s Red Label rewards program. Theoretically, this casino customer rewards program is open for application to every customer.
Dietrich claims that not only did Wynn reject his application, but he was also banned from the casino property. He discussed his experience with Leafly, even providing supposed emails from Wynn’s employee, Larry Whelan. Dietrich questioned the logic behind his exclusion, given the shared investors between MassRoots and Wynn Resorts.
Dietrich asserts that the following response was sent by Whelan:
From what I remember, the Wynn Las Vegas compliance program’s customer due diligence procedures classified your business as a marijuana-related entity that earns its income from marijuana businesses. Regrettably, this categorizes your wealth source within the marijuana industry, as your business receives payment from marijuana sales proceeds.
We are not only required to identify businesses that facilitate marijuana sales as part of our regulatory obligations, but we must also identify our customers’ wealth sources to verify that the funds have been earned lawfully.
Wynn chose not to publicly comment on the story.
Regulators warn casinos to steer clear of marijuana industry
As reported by the Las Vegas Review-Journal, Nevada’s regulatory bodies are examining how states such as Colorado balance the dual presence of casinos and cannabis. Despite this research, regulators continue to exercise caution. They have consistently advised casino operators to avoid involvement with marijuana.
A proposed law that would have permitted public consumption of marijuana in Nevada did not get approved. Consequently, the legal options for marijuana use in the state are limited. Casinos will monitor guests for marijuana use both in the gaming area and within their hotel rooms.
The casino industry is adopting a firm stance, but how long will they maintain it? As pointed out by Dietrich, there’s a common investor base between many casinos and marijuana companies. Additionally, marijuana dispensaries are quickly becoming a crucial component of the Las Vegas tourism sector. Considering the potential tourism revenue at stake, can casinos realistically continue to fully refrain from involvement in regulated marijuana?
