Nevada could see nearly $400 million from cannabis tourism alone in 2018 if Question 2 is approved by voters, according to a press release from the Nevada Dispensary Association (NDA). The numbers are based on an estimated 6,800,719 potential adult-use Nevada tourists aged 21 and older.
The state would see estimated total tax revenues of $464,005,113 from 2018 to 2024, the release says, citing a study by RCG Economics and Marijuana Policy Group. The study suggests that 54 percent of recreational cannabis transactions would involve adult tourists, and the legalized market would create more than 6,000 new full-time jobs and more than 3,000 full-time jobs directly tied to the cannabis industry.
“After a successful trip to meet with marijuana industry leaders in Colorado this June, the [NDA] feels confident that the lessons learned by officials in Colorado following the state’s legalization of recreational marijuana will be a great benefit to Nevada in the event that Question 2 passes this fall,” the release says.
Members from the NDA — along with State Sen. Patricia Farley (R), Assemblyman Derek Armstrong (R), and Assemblyman Nelson Araujo (D) — met with officials from Colorado’s Department of Public Health and Environment and Division of Revenue about the potential issues faced in states where cannabis is legal for recreation use. The NDA said during the meeting it became clear that Nevada officials should keep an open dialogue with their Colorado counterparts if Question 2 is approved, in order to avoid certain issues — such as advertising concerns and continued support for the medical marijuana program.
Nevada joins California, Florida, Massachusetts, Maine, Montana, Arizona and Arkansas with cannabis-related ballot questions this November.
Editor’s note: A previous version of this article incorrectly said the amount of estimated tax revenue from cannabis was $4 million instead of $400 million.
Get daily news insights in your inbox. Subscribe