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Pot group predicts $1B in Nevada tax revenue over 7 years

Posted at 5:19 PM, Oct 26, 2018
and last updated 2018-10-26 22:14:07-04

A report for a marijuana trade group says pot production, processing and sales could reap more than $1 billion in tax revenue for Nevada over seven years.

That's a key finding in an economic analysis released Friday by the Nevada Dispensary Association.

It projects that pot-friendly policies in tourist-oriented Las Vegas and Reno could make Nevada one of the nation's largest marijuana marketplaces by 2024.

The report comes after state officials reported that first-year taxable pot sales totaled almost $530 million statewide. Nevada received just under $70 million in tax revenue since sales started July 1, 2017.

The analysis by Las Vegas-based RCG Economics didn't look at public safety, health, human services, schools or criminal justice costs associated with legalization.

Nevada is among nine states and Washington, D.C., that have broadly legalized marijuana.