LAS VEGAS (KLAS) – Marijuana and cannabis products will be open in Nevada from July 1, 2020 through May 30, 2020.
The state collects 10% of taxable retail sales of cannabis products and 15% of wholesale sales of cannabis.
That grossed $ 159 million for the Distributive School Account (DSA), according to a report from the Nevada Department of Taxation and the Nevada Cannabis Compliance Board.
Taxable sales increased by 46% compared to the previous year.
Clark County made $ 791 million in taxable sales, adding up to a grand total of $ 1,003,467,665.
(Nevada Department of Taxation and Nevada Cannabis Compliance Board)
In 2019, Governor Steve Sisolak signed SB545, which directs all proceeds from the 10 percent retail cannabis excise tax to the DSA.
That earned the schools $ 92 million in tax revenue from retail sales alone.
Along with the wholesale sales tax, other fees and penalties were added to a total of $ 67 million for schools. This included civil penalties, royalties, and other fees imposed by the regulation of the cannabis industry.