LAS VEGAS (KLAS) — Any way you cut it, legal marijuana has been a financial boon for Nevada.
Whether it’s used recreationally or for medical purposes, pot has generated huge tax revenue since Nevadans voted in 2016 to legalize recreational use and to tax sales.
Friday marked the five-year anniversary of the first licensed sale of recreational cannabis in the state.
For the current fiscal year, which ends July 31, the state has collected $128 million in taxes on $818 million in sales. The figures cover July 2021 through April. Figures for June and July of this year have yet to be released by the state’s Cannabis Compliance Board.
For the past fiscal year (July 2020 to June 2021), the state’s pot board transferred $159 million to the state’s Distributive School Account, the primary funding for the state’s K-12 schools. Prior to Senate Bill 545, signed by Gov. Steve Sisolak in 2019, the tax revenue from pot sales went to the state’s rainy day fund.
Here’s showing the sales and tax revenue (10% wholesale excise tax plus 15% retail excise tax) generated since 2017:
Overall tax revenue (fiscal year 2018)
July 2017 to June 2018: $69.8M on sales of $530M
Overall tax revenue (fiscal year 2019)
July 2018 to June 2019: $99.2M on sales of $639M
Overall tax revenue (fiscal year 2020)
July 2019 to June 2020: $105.1M on sales of $685M
Overall tax revenue (fiscal year 2021)
July 2020 to June 2021 $158M on sales of $1B
Overall tax revenue (fiscal year 2022)
July 2021 to April 2022 (excludes June, July): $128M on sales of $818M