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Marijuana, cannabis products generate $1B in taxable sales, bring $159M to Nevada schools |

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Marijuana, cannabis products generate $1B in taxable sales, bring $159M to Nevada schools

LAS VEGAS (KLAS) -- Marijuana and cannabis products generated more than a billion dollars in taxable sales in Nevada from July 1, 2020, to June 30 of this year, according to state agencies.

The state collects 10% of taxable retail sales of cannabis products and 15% of wholesale cannabis sales.

That produced a combined $159 million for the Distributive School Account (DSA), according to a report from the Nevada Department of Taxation and the Nevada Cannabis Compliance Board.

Taxable sales grew by 46% over the previous fiscal year.

Clark County produced $791 million in taxable sales, contributing to a total state figure of $1,003,467,665.

(Nevada Department of Taxation and the Nevada Cannabis Compliance Board)

In 2019, Gov. Steve Sisolak signed SB545, directing all revenue from the 10-percent retail cannabis excise tax into the DSA.

That brought $92 million in tax revenue for schools just from retail sales.

Along with wholesale sales tax, other fees and penalties added to a total of $67 million for schools. That included civil penalties, licensing and other fees collected through regulation of the cannabis industry.

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