Study: Nevada Would Earn $460 Million In Taxes from Cannabis Tourism in Initial Years of Legalization
If Nevada voters legalize recreational cannabis this November, the state would see an estimated tax revenue of $464 million from cannabis tourism from 2018 to 2024.
The Initiative to Tax and Regulate Marijuana will be voted on this November as Question 2. If passed into law, it will legalize the possession of up to an ounce of cannabis, as well as the personal cultivation of up to six cannabis plants, for those 21 and older. Cannabis retail outlets – supplied by licensed cultivation centers – will also be legalized.
According to the study by RCG Economics and the Marijuana Policy Group, the state would garner over $460 million in taxes from an estimated 6.8 million tourists between 2018 to 2024 if the initiative is given approval by voters. The study estimates the potential market value of legal cannabis at $394 million from tourism alone.
The fate of Question 2 will be decided on November 8th.
