Nevada raking in recreational weed money - FOX5 Vegas - KVVU

Nevada raking in recreational weed money

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LAS VEGAS (FOX5) -

The Nevada Department of Taxation reported the state earned $3.68 million in weed taxes for the first month of legal marijuana sales. 

Dispensaries made around $27 million in July from both medical and recreational weed sales. That translated to $3.68 million in taxes for the state coming from two taxes. 

The 15 percent wholesale tax paid by marijuana cultivators brought in $974,060. That money goes towards Nevada schools. The Department of Taxation predicted the wholesale tax would bring in around $56.2 million over the next two years. The 10 percent retail tax paid by marijuana consumers brought in $2.71 million. That goes towards the state's rainy day fund. The Department of Taxation predicted the wholesale tax would bring in around $63.5 million over the next two years. 

The Clark County School District's Chief Financial Officer told Fox5 last week that more tax money doesn't mean the school district gets more money. He said CCSD had a set budget, the tax money just lessens the burden on the State. 

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