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Nevada Marijuana Estimated to Make $1 Billion in First 7 Years

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RCG Economics has analyzed the economic impact that Nevada’s marijuana industry could have on the state. It is estimated that the economic impact could be as much as $1 billion in the industry’s first 7 years.

The first taxable year of marijuana sales were nearly $530-million, The Guardian reports, which surpassed estimates by 40%. This generated $70-million in tax revenue for the state. Schools received $27.5-million of that revenue.

John Restrepo of RCG Economics said, “Nevada will be a very important market and should be a leader in regulations.”

Senator Tick Segerblom is urging state officials to allow on-site consumption or marijuana lounges.

He said, “You can’t encourage people to come to Nevada to buy marijuana and then say, ‘Oh, by the way, you can’t use it here.’”

It is also speculated that there could be more than 8,000 people employed in the marijuana industry throughout Nevada within the next 6 years. Roughly 1,300 are currently employed in the state’s legal marijuana industry.

A majority of the state’s supply is cultivated and processed in Nye and Clark counties. Locals and visitors have 64 retail marijuana establishments to choose from statewide.