Trade Group: Nevada to Collect $1B in 7 Years

Trade Group: Nevada to Collect $1B in 7 Years from Marijuana

LAS VEGAS (AP) — A report to get a cannabis trade group says marijuana production, processing, and sales could reap more than $1 billion in tax revenue for Nevada more than seven decades.

A customer purchases marijuana from Essence in Las Vegas on July 1, 2017, the first day of legalized adult-use sales in Nevada. The Nevada Dispensary Association, a trade group representing the state’s cannabis retailers, released an economic analysis Oct. 26, 2018, that predictions Nevada recording $1 billion in tax revenues over seven decades.

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 country ’s largest marijuana marketplaces by 2024.

Clients line up July 1, 2017, the first day of adult-use sales in Nevada, at NuLeaf at vegas. Dispensaries such as this one could be a part of an industry that the Nevada Dispensary Association, a bud trade group, states will create $1 billion in tax revenue for the nation 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 from Las Vegas-based RCG Economics didn’t look at public safety, health, human services, schools, or criminal justice costs related to legalization.

Nevada is among nine states and Washington, D.C., that have legalized adult-use cannabis.

The Las Vegas Strip is already the world’s premier gambling and holiday destination, and Sin City offers more temptation to the canna-curious and committed stoners alike with legal marijuana available in Nevada. Adult-use sales have been legal since July 1, 2017.

Published at Sun, 28 Oct 2018 17:00:52 +0000

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