Beating Expectations, Nevada Records $70M in Tax Revenue in 1st Year of Legal Marijuana Sales

Beating Expectations, Nevada Records $70 M In Tax Revenue In 1st Year Of Legal Marijuana Sales

Share Tweet Share PinBy, Scott Sonner RENO, Nev. (AP) — Nevada regulators and industry insiders say the state’s first year of broad cannabis legalization has exceeded even their highest expectations, with sales and tax collections already surpassing year-end projections by 25 percent. Numbers from June are still outstanding but are expected to push taxable sales past $500 million, netting total tax revenue in the neighborhood of $70 million — with about $25 million devoted to schools. “I think it has been a huge success, and I don’t see how anyone could argue with that,” said Andrew Jolley, president of the Nevada Dispensary Association. A legal battle over distribution licenses made for a rocky start last July, but Nevada’s $195 million in sales the first six months dwarfed the totals in Washington state ($67 million) and Colorado ($114 million) for the first half-year of legal sales in those states in 2014. And so far, there’s no sign legal sales that began in California on Jan....

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