Nevada's recreational marijuana industry is still in its infancy, but it is already making quite a splash in the tax pool. The Department of Taxation projected tax revenue from cannabis retail and wholesale would be about $50 million. After six months of sales, the revenue is already more than $30 million, on pace to reach $60 million for the year.
"I'm not so surprised but I do think this shows that marijuana is fitting in quite well in Nevada and it's part of our economy, and it's generating a lot of tax revenue for the rest of the state," Will Adler, director of the Sierra Cannabis Coalition, said.
"$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 goes into different pots. Most of the 10 percent retail tax revenue goes to the state's rainy day fund, while the 15 percent wholesale tax helps fund the Department of Taxation, local jurisdictions and education. If revenue from marijuana sales continues at this pace, it will leave extra money for the budget.
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