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Nevada Reaps More Than $30M in Tax Revenue After 6 Months Since Legalization

Nevada Reaps More Than $30M in Tax Revenue After 6 Months Since Legalization

Dina Al-Shibeeb
If the current pace continues, the expected tax revenue would reach $60 million in Nevada for 2018. (File image via Reuters)

The state of Nevada has reaped more than $30 million in tax revenue just six months since it legalized recreational marijuana, its Department of Taxation reported.

In July last year, Nevada became the fifth state to permit the sale of recreational marijuana. The revenue reported supersedes the expectations of the projected $50 million for 2018 year from both marijuana retail and wholesale, KTVN reported on Tuesday.

If the current pace continues, the expected tax revenue would reach $60 million.

“30 million in tax revenue tells us that the people of Nevada are embracing recreational marijuana,” Assem. Teresa Benitez-Thompson, D-Reno said.

“It tells us that obviously, the demand is there.”

The tax money, meanwhile, can now be distributed since Nevada’s Legislative Commission approved permanent regulations for recreational marijuana sales, beating the March 1 deadline, KTVN reported.

However, not everyone is happy with the regulations, including cultivators, who have a license to grow marijuana but not necessary the ability to sell. But some retailers can grow and sell their product, putting cultivators and growers at a disadvantage.

The regulations came into effect a month after the Taxation Commission approved some guidelines. The guidelines will allow dispensaries to deliver recreational marijuana, along with increased security in dispensaries and stricter testing.

There are nine U.S. states that have legalized marijuana and 29 others which have legalized medical cannabis.

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