The figure compares to $74.7 million received in taxes last year
Nevada’s cannabis industry has broken the $100 million dollar mark in taxes and fees for the first time. Dispensaries, cultivators, laboratories and producers have paid more than $109 million in taxes and fees in fiscal year 2019.
$99.18 million was paid in taxes compared to $74.7 million last year. How much of that went to education is not yet available from the state. However, changes to the law this year under the leadership of Governor Sisolak mandate that 100 percent of taxes will go to education in future years. For the next two years, the state is projecting more than $100 million per year in tax collections. Cannabis sales were also up from $529 million in fiscal year 2018 to approximately $639 million in fiscal year 2019, an increase of $110 million.
“These sales and tax figures are a milestone that should be celebrated by the people of Nevada.” said Riana Durrett of the Dispensary Association. “It shows that the public and visitors to Las Vegas from around the nation are becoming more comfortable purchasing cannabis and the industry is improving its ability to serve the public. The winners are the people of Nevada, gaining highly-skilled jobs, industry diversification and education.”
“While these sales figures are strong, we should not take them for granted,” Durrett said. “The number one goal is to ensure public safety and second is the stability of the industry. Millions more in taxes and fees are paid at nearly every level of government including county and local. Significant changes in the market or regulatory framework could impact tax collection, especially given competition from the illegal market. The illegal market continues to deprive the state of funds that could be going to education.”
“Nevada continues to be a model for the industry and regulators nation-wide,” Durrett said. “We must continue to carefully analyze the impacts of regulation and taxes is ensure continued success.”