RENO, Nev. (AP) — Nevada’s recreational marijuana industry is on pace to reach $60 million in its first year, exceeding the state’s projection of $50 million.
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.
Most Read Business Stories
- 'Sold by Amazon' program shut down after WA attorney general's antitrust investigation
- Amazon Go is moving toward the suburbs, starting in Mill Creek
- All flights in and out of Paine Field canceled Monday as 5G bars regional jets
- Boeing reports net loss in 2021 as cost of 787 delivery halt soars to $5.5 billion
- Seattle home-price growth heats up a bit as much of U.S. cools
The Legislative Commission has approved permanent regulations for recreational marijuana sales, so the industry’s money will soon begin to be distributed.
Information from: KTVN-TV, http://www.ktvn.com