Nevada’s recreational cannabis market opened up in July of last year, and the state has already brought in 30 million dollars in tax revenue from recreational sales, according to Forbes. The reason for the high amount of tax revenue is because the state charges a 15 percent tax on wholesale cannabis sales. They then charge an additional 10 percent for all cannabis retail sales. The amount of cannabis sales in Nevada ended up grossing higher than even Colorado did in the first few months of their recreational sales. According to New Frontier, a data group that tracks cannabis sales, retail sales in Nevada are expected to peak at 622 million by 2020.
Why is Recreational Cannabis so Big in Nevada?
So why is recreational cannabis such a big deal in Nevada? The answer is Las Vegas, naturally. Vegas is one of the biggest travel destinations in the US. As you can imagine, much of the tourism passing through Vegas can be attributed to the newly established cannabis market.
So where is all of Nevada’s tax revenue from cannabis going? Mostly, it’s going toward improving education in the state. These results are prompting other states to look into possibly legalizing cannabis for recreational use themselves. Though state officials are saying that cannabis should not be legalized strictly for financial reasons. The most important reason to legalize cannabis should be because it’s better for the community, i.e. not putting people in prison for it!
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