Nevada cannabis sales reached nearly $1 billion during the fiscal year 2022 — July 1, 2021, to June 30, 2022 — the Nevada Independent reports. The $965 million in taxable sales is a 4% year-over-year decrease, however.
Reasons for the drop in sales may include the expiration of COVID-19 restrictions and other economic factors like inflation, the report says.
“Over the first part of the year, Nevada’s cannabis industry saw lower retail sales, a trend consistent with other mature cannabis marketplaces nationwide,” Nevada Cannabis Compliance Board spokesperson Tiana Bohner said in an email to the Independent. “While sales increased during the COVID-19 pandemic, cannabis businesses are not immune to the effects of inflation and lack of disposable income as consumers adjust their spending habits and priorities.”
Much of the tax revenue, $147 million in total, will go to K-12 education. The state imposes a 10% excise tax, which totaled $89 million, and a 15% wholesale excise tax, which totaled $63 million, the report says. Two other funds benefit from cannabis sales — $5 million to local governments and the remainder will go to funding state regulatory duties like the compliance board.
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