LAS VEGAS (KSNV) — The Silver State’s cannabis industry has given more than $100 million in taxes and fees to the state for the first time since recreational marijuana became legal in 2017.
For the fiscal year 2019, dispensaries, cultivators, laboratories and producers have paid over $109 million, according to a Wednesday release from the Nevada Dispensary Association.
NDA says that $99.18 million was paid in taxes, up nearly $25 million from 2018.
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“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.”
According to NDA, the amount paid in taxes that went to education is not yet available from the state, though changes in the law mandate that all of the taxes earned from cannabis will go to education in the future.
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Over the next two years, the NDA says that there is projected to be more than $100 million per year in tax collections.
Sales in the cannabis industry were also up from fiscal year 2018 from $529 million to $639 million in 2019. That’s a $110 million increase.
“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. 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.”
The NDA supports cannabis industry efforts and represents 90 percent of dispensaries in Southern Nevada.