Trade Group: Nevada to Collect $1B in 7 Years from Marijuana
LAS VEGAS (AP) — A report for a cannabis trade group says marijuana production, processing, and sales could reap more than $1 billion in tax revenue for Nevada over seven years.
That’s a key finding in an economic analysis released Oct. 26, 2018, by the Nevada Dispensary Association. It projects that cannabis-friendly policies in tourist-oriented Las Vegas and Reno could make Nevada one of the nation’s largest marijuana marketplaces by 2024.
The report comes after state officials reported that first-year taxable cannabis sales totaled almost $530 million statewide. Nevada received just under $70 million in tax revenue since sales started July 1, 2017.
The analysis by Las Vegas-based RCG Economics didn’t look at public safety, health, human services, schools, or criminal justice costs associated with legalization.
Nevada is among nine states and Washington, D.C., that have legalized adult-use cannabis.