Nevada State is one of nine plus Washington DC to legalize pot First-year taxable sales raised $27.5m for schools
Nevada could raise more than $1bn in the first seven years of recreational marijuana sales, according to an economic analysis released by an industry group on Friday.
Pot-friendly policies, strict “seed-to-sale” regulations and the prospect of doing business with some of the 45 million tourists who visit Las Vegas and Reno each year could make Nevada one of the nation’s largest marijuana marketplaces, said Andrew Jolley, president of the Nevada Dispensary Association.
Jolley acknowledged that California, which began recreational pot sales this year, is expected to dominate the industry in size and scale. But John Restrepo, principal analyst at Las Vegas-based RCG Economics, which produced the analysis, said: “Nevada will be a very important market and should be a leader in regulations.”
The 33-page report considered the period since legal pot sales started on 1 July 2017 and was made public weeks after state officials reported first-year taxable pot sales at almost $530m, exceeding expectations by 40%.
Nevada received just under $70m in tax revenues on that figure, including $27.5m for schools and about $42.5m for a state “rainy day” contingency fund.
Nevada is among nine states and Washington DC that have legalized recreational marijuana. Sales got off to a rocky start amid a legal battle over distribution licenses, and tourists still do not have a place to legally