Nevada: Cannabis sales raise $160 million for schools

For the first time since legalization in 2017, Nevada exceeds $1 billion in cannabis sales in a single fiscal year. Between July 2020 and July 2021, the state of Las Vegas sold precisely $1.003 billion, announces the Cannabis Compliance Board in a press release. This is almost double the previous year's figure.

At the same time, Nevada is creating a virtuous circle. The state applies a 10 % tax on cannabis sales, and all of this money is redistributed into education. This has been the case since 2019, thanks to the «SB545» law that created a special fund, named Distributive School Account. In fiscal year 2020, Nevada schools will receive $159 million from cannabis sales.

«This is what Nevadans have been waiting for since the legalization of recreational cannabis. Education is one of my top priorities, and I'm proud to see that these cannabis taxes are going directly to our schoolchildren and classrooms.», said a delighted Democratic Governor Steve Sisolak.

Las Vegas is a hit

Unsurprisingly, it's the city of Las Vegas that sells the most cannabis in Nevada. Almost 80 % of cannabis sales take place in the sin city. In addition to casinos, luxury hotels and Elvis Presley weddings, the city can now boast of offering cannabis to its 40 million annual tourists.

Nevada is also making progress with its legislation, having just to accept the creation of lounges, These are places where cannabis can be legally consumed. Until now, locals and tourists have been able to buy cannabis, but couldn't eat it on the street or in their hotel.

The number of stores is also growing. Still sccording to Cannabis Compliance Board, In July 2020, there were 71 recreational cannabis sellers. One year later, there are now 83.