Nevada’s Cannabis Tax Revenue Far Exceeds Expectations
In what has been a common occurrence in the United States, a state with legalized cannabis commerce has far exceeded initial projections as Nevada’s first-year of regulated sales has been an indisputable financial success. Nevada follows in the footsteps of states like Colorado, Washington, and Oregon that have all generated more revenue than government estimates. The Seattle Times reported:
RENO, Nev. (AP) — Nevada regulators and industry insiders say the state’s first year of broad marijuana legalization has exceeded even their highest expectations, with sales and tax collections already surpassing year-end projections by 25 percent.
Numbers from June are still outstanding but are expected to push taxable sales past $500 million, netting total tax revenue in the neighborhood of $70 million — with about $25 million devoted to schools.
“I think it has been a huge success, and I don’t see how anyone could argue with that,” said Andrew Jolley, president of the Nevada Dispensary Association.
This unmitigated fiscal triumph in the Silver State bodes really well for more political victories for the cannabis community. While the cannabis law reform advocates behind state legalization measures are mostly concerned about ending harmful citations, arrests, and prison sentences, it isn’t a secret that voters and government officials like new sources of money. The economic benefits of regulated cannabis goes beyond just the tax revenue as the jobs created filter out through ancillary and other impacted businesses. Thank you, Silver State residents and tourists. While the cash spent on cannabis in Las Vegas and other places throughout Nevada stayed in the state to benefit schools and important social programs, the political impact of that money reverberates across state lines and into the halls of Congress.
The cannabis industry is ultracompetitive, but the revenue brought in by Nevada, Colorado, Oregon, Washington, and other states proves that there is financial success to be had. Those that have the best knowledge and connections are put in the best place to succeed. The International Cannabis Business Conference provides the best information and networking opportunities of any marijuana business event. Don’t miss the best global B2B conference in the world this September 27th and 28th in Portland, Oregon. Get your tickets by September 12th to save $200. Can’t make Portland, then maybe we’ll see you in San Francisco, Barcelona, or Berlin.