Over $100 in marijuana tax revenue has been collected from Nevada’s marijuana businesses. Tax revenue increased by 33% from the last fiscal year which brought in $74.7 million. Four different taxes are imposed on the marijuana industry in Nevada: a 10% excise tax, a 15% wholesale tax, sales tax and licensing fees.
The state expects to bring in even more marijuana tax revenue over the next two years, according to The Nevada Independent. Roughly $120 million of that revenue is expected to go to the state’s Distributive School Account. The topic of dividing up tax dollars from legal marijuana sales has caused a lot of confusion, but things are slowly getting ironed out.
Regarding the progress being made with marijuana regulation in Nevada, Riana Durrett of the Nevada Dispensary Association said, “Significant changes in the market or regulatory framework could impact tax collection. The illegal market continues to deprive the state of funds that could be going to education.”