Is the Nevada Government Over Exploiting Recreational Cannabis Dispensaries?
The Nevada government is raking it in with the legal cannabis market and the need for medical cannabis and recreational cannabis is not likely to slow anytime soon. Tourists are gathering to among their favorite destinations for debauchery and now have an additional indulgence. The need for recreational marijuana is so strong that dispensaries can not keep the marijuana on the shelves and there are issues that there is inadequate marijuana being grown to stay up to date with the demand. Nevada is on such a strong speed for marijuana sales that it is besting all the other recreational weed states. The Nevada government drew in $3.68 million in tax income produced from cannabis sales and on top of that, another $6.5 million in licensing and application charges. Leisure marijuana sales simply began on July 1st of this year. Can cannabis services in Nevada preserve their stores paying these sorts of costs? Will the Nevada federal government make making a profit too difficult for the cannabis market?
Sin City– and other areas of Nevada– are raising some severe money with their latest vice.
July was the first month of legal leisure cannabis sales in the state, which has actually simply announced the tax effect. All totaled, medical and leisure cannabis sales created $3.68 million in tax revenue. And the tracking number for the next two years is much more impressive.
Officials estimate that between the 2 taxes that accompany cannabis sales in the state, residents and travelers will include almost $120 million to the cofers.
Nevada charges a 15% wholesale tax to farmers, which goes to state schools. A separate 10% retail tax is put into the state ‘rainy day’ fund.
Beyond taxes, the department of income states it has raised $6.5 million from license and application charges from businesses that are intending to capitalize the brand-new legality of marijuana in the state.
It’s an impressive start, however all eyes are on California, which will start legal leisure cannabis sales in 2018 (no particular date has been announced). Legal pot there is expected to generate a cigarette smoking $5 billion in sales each year.
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