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MARIJUANA MONEY: What do to with all that cash collected from Nevada taxes?

2019 Nevada Legislative Session kicks off Monday
2019 Nevada Legislative Session kicks off Monday
2019 Nevada Legislative Session kicks off Monday
Posted at 7:16 PM, Feb 05, 2019
and last updated 2019-02-06 03:02:12-05

CARSON CITY (KTNV) — The growing marijuana industry in Nevada is in need of more monetary direction when it comes to where to put all of that cash.

Lawmakers have several proposals before them for the 2019 legislative session.

BDR 870 would create a state marijuana bank.

BDR 370 from the Senate Committee on Judiciary would enact an interstate compact with California regarding marijuana banks in both states.

As 13 Investigates has reported, those in the marijuana industry have come across a major problem when it comes to where to store the money from the 'cash-only' business.

"Maybe there was some don't ask don't tell activity, but in the past three years I think the bank regulators have come in to their constituents in the banking industry and said absolutely not, and the bank has listen to the regulators for the most part, it's just no go," said David Goldwater, owner of Inyo Dispensary, in a 2018 interview.

Lawmakers are signaling they are willing to help the growing Nevada marijuana industry.

"We want to make sure they have the resources that they need we want to be the gold standard on this the same way as we are with gaming so we wanna make sure Nevada shines on this," said Assemblywoman Maggie Carlton.

Another proposal for lawmakers would redirect 10 percent of the marijuana tax away from the state's rainy day fund and put the money toward education.