Over $1 Billion In Cannabis-Derived Taxes Expected For Nevada in 2024
New stats are out for marijuana sales in the Silver State of Nevada. When reviewed in full, these numbers are very impressive. The new report was recently released by a company called RCG Economics, LLC. They compiled this report along with the information they received from The Nevada Dispensary Association. NDA represents more than 90-percent of all the dispensaries of marijuana sales statewide.
Over $500 Million In Taxable Sales
Over the course of a one year period, starting in July 2017 and ending in July of 2018, taxable sales of recreational cannabis surpassed the $500 million mark. In total, the economic benefits of these generated sales of marijuana surpassed over $1 billion dollars. According to the report, there are predictions that state sales of recreational marijuana will hit compounded sales numbers of over $5 billion by the middle of 2024.
These sales will generate indirect, direct and induced economic benefits of over $10 billion during this seven-year period of time. This amount of sales from recreational marijuana will be equivalent to more than 67,000 people working full-time for a year across the state. It is also being anticipated that cannabis sales in the state will generate billions in indirect, direct and indirect labor income exclusively between 2018 and 2024. Many people are confused, however, how $5 billion in marijuana sales can turn into more than $8 billion in full economic benefits across the state.
Impact On Economy
Because of the confusion, many experts decided to explain the reasoning behind the claims listed in the report. The experts stated that direct spending on things such as recreational marijuana can help create additional spending. They are estimating that each dollar spent on marijuana creates an additional amount of money spent in Nevada.
This report has successfully indicated the strict regulations for the state of Nevada are beginning to work. Regulators from the dispensary association in Nevada are able to track legal sales of recreational marijuana in real time. This allows all levels of the government the ability to collect taxes on those sales.
About The Government Taxes
Aside from the benefits that entrepreneurs and employees will gain from marijuana sales, there were also other areas where sales will help the state. The sales will be able to be allocated to other important things such as education. According to a report given exclusively from Entrepreneur, the total amount of money schools could benefit during the 7-year period is expected to pass $1 billion.
To offer some perspective on these numbers, this extra tax revenue would be able to build approximately 19 high schools or 53 elementary schools. The sale of Las Vegas legal marijuana for recreational use offers many significant benefits to people who prefer buying tested products from legal, safe sources. What most people don’t realize, however, is how many benefits there are for the state because of the taxes and significant expenses getting paid by businesses to each level of the government. There’s no question about the amount of economic benefits the sale of recreational marijuana offers.