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Nevada has held itself as the “gold standard” in gaming regulation for more than three score. And now, for nearly a decade, the state has used that model to claim its stake as a leader in cannabis regulation, too. But bringing those two together has been more like oil and water than chocolate and peanut butter.

It’s illegal to smoke or consume cannabis products in Nevada casinos, but marijuana use on the Resort Corridor is still prevalent. From the storefronts on Fremont Street advertising various types of flower to the tourists crammed into alleyways or in parking garages adjoining Strip resorts enjoying a smoke, many people aren’t aware that cannabis has been outlawed from gaming establishment properties.

The Biden Administration took steps toward decriminalizing marijuana two weeks ago when the Drug Enforcement Agency announced its intent to reclassify the drug from a Schedule I controlled substance to a Schedule III.

Leaders in Nevada’s multimillion-dollar legal cannabis industry are welcoming news that the Biden administration is working to reclassify marijuana as a less dangerous drug, but they say the devil will be in the details.

In Nevada, the first recreational marijuana dispensaries opened in July 2017. The budding business boomed and now there are 698 operational licenses across the state. However, it hasn’t been the financial windfall the cannabis industry was expecting. Easing the federal restrictions on marijuana by reclassifying it could assist businesses that said the federal tax is too much of a burden to thrive.

Nevada cannabis businesses and consumers could likely enjoy lower costs under a federal proposal to reclassify marijuana as a less dangerous drug, according to state cannabis experts.

A Democratic senator has introduced a bill to create federal incentives for states, localities and Indian tribes that expunge low-level marijuana records—an equity-focused reform proposal that leadership has repeatedly discussed attaching to bipartisan cannabis banking legislation that’s pending floor action.

Understanding the historical context of cannabis regulation in the U.S. offers a backdrop to its current classification and potential rescheduling. Initially, when cannabis was unregulated, it was used both medicinally and recreationally. However, the 20th century brought a shift in perception, influenced by political, racial, and economic factors. The Marihuana Tax Act of 1937 marked the beginning of federal cannabis prohibition.