LAS VEGAS (KTNV) — Nevada’s cannabis industry has broken the $100 million dollar mark in taxes and fees for the first time.
Dispensaries, cultivators, laboratories and producers have paid more than $109 million in taxes and fees in fiscal year 2019.
$99.18 million was paid in taxes compared to $74.7 million last year.
How much of that went to education is not yet available from the state. However, changes to the law this year under the leadership of Governor Sisolak mandate that 100% of taxes will go to education in future years.
For the next two years, the state is projecting more than $100 million per year in tax collections.
Cannabis sales were also up from $529 million in fiscal year 2018 to approximately $639 million in fiscal year 2019, an increase of $110 million.