Study: Nevada Would Earn $460 Million In Taxes from Cannabis Tourism in Initial Years of Legalization

marijuana-legalizationIf 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.

Read moreStudy: Nevada Would Earn $460 Million In Taxes from Cannabis Tourism in Initial Years of Legalization

Cannabis Legalization Initiative on November Ballot in Nevada

nevadaWith 2015 coming to an end, it’s time to start looking forward to 2016 and the potential it has to move cannabis law reform forward. Although there are several states – particularly California, Arizona and Massachusetts – that are likely to have legalization initiatives on their November ballots, there is only one state where legalization in guaranteed to be voted on next year; and that state is Nevada.

The Initiative to Tax and Regulate Marijuana, if given approval by voters in November of next year, 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.

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Nevada Voters Have Opportunity Next Year to Legalize Cannabis; Now’s the Time for Public Outreach

nevAlthough there are several states – including California, Arizona and Massachusetts – that may end up with an initiative to legalize recreational cannabis on their 2016 general election ballots, at this point, there’s only one state where that’s already the case; Nevada.

If approved by Nevada voters in the November, 2016 election, The Initiative to Tax and Regulate Marijuana would legalize the possession of up to an ounce of cannabis, and the personal cultivation of up to six cannabis plants, for those 21 and older. State-licensed cannabis retail outlets and production centers would also be authorized.

Read moreNevada Voters Have Opportunity Next Year to Legalize Cannabis; Now’s the Time for Public Outreach