In the Summer of 2017, the state of Nevada legalized recreational cannabis. Their sales include a 10% tax on retail sales and a 15% tax on wholesale cannabis. The still infantile industry is currently reporting earnings of $195 million and $30 million in tax revenue for the state. The market is projected to continue growing until 2020 when analytics company New Frontier believes the Nevada cannabis industry will be worth around $622 million.
Many industry experts say that this early and projected continual growth is attributed to the healthy tourist population already filtering into Las Vegas all year round. The state is also serving as a good example for tourists coming to indulge in legal cannabis. Much of the market’s success is attributed to the Mc Carran Airport, which is friendly to departing travelers who have been indulging in legal cannabis. Recently, the airport installed 20 ‘Amnesty Boxes’ where tourists could surrender their cannabis products before boarding their flights. This trust is noteworthy because local laws currently make it illegal to carry cannabis products on airport property.
Now that sale of the plant is legal and money is rolling in, many legislators and tax-payers are wondering where the $30 million in cannabis revenue will go. Fifteen percent of the taxes will go towards statewide education, like Colorado cannabis tax income currently does. However, the money earned from cannabis dispensaries will be sent to a statewide budget, something that Southwestern Nevada schools have a bit of a problem with. Other portions of this income will go to the regulation of the industry, and $5 million is to be put aside to offset the cost of regulating Nevada cannabis.
No matter how they spend it, the immense tax income brought in by those states that are legalizing recreational cannabis is helping to bring on board former opponents to legalization. Colorado’s recreational program and even Arizona’s medical program have provided their state governments with a stockpile of cash, and the voters and lawmakers are taking notice.Posted: Thursday, March 1st, 11:32pm 9 months ago
Cara Wietstock is a native Californian living in Washington state with almost a decade of budtender experience and even more stoner experience. While she's not pontificating on the current state of cannabis for Roottie, she is practicing yoga, sipping CBD infused teas and hiking through the Pacific Northwest.