LAS VEGAS (FOX5) - The Nevada Dispensary Association released new data on Friday, detailing the economic impact for the first year of recreational marijuana sales.
According to the NDA, marijuana brought in $529 million in taxes, just in its first year. An additional $69 million came in from excise tax, which allows dispensaries to operate.
The NDA also projected the growth to increase from there, projecting during 2018-2024 for the economic total to be about $8 billion from the industry.
It is clear the the industry is making money, but many community members have asked why they have not seen the bulk of the money going towards schools.
“The truth is all the money that’s been raised is going to education on some level,” said State Sen. Tick Segerblom (D). “Starting this next legislative session, we’ll have it more transparent. We’ll actually say here’s $100 million from marijuana that goes to the school district. That part's been missing because it just goes into a big fund.”
That’s not the only change Segerblom said he wants to see. He said there needs to be a clear way for tourists to legally partake in Nevada’s pot industry.