LAS VEGAS – Nevada’s recreational marijuana industry is on pace to reach $60 million in its first year, exceeding the state’s projection of $50 million.
Channel 8’s sister station, KTVN-TV, reported Tuesday that if revenue from pot sales continues at this pace, it will leave extra money for the budget.
Will Adler, Director of the Sierra Cannabis Coalition, said the industry is fitting quite well into the state’ economy.
The tax money the industry brings in goes to different places. 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.
The Legislative Commission has approved permanent regulations for recreational marijuana sales, so the industry’s money will soon begin to be distributed.