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Pot group predicts $1B in Nevada tax revenue over 7 years

FILE - In this June 28, 2017, file photo, Alessandro Cesario, the director of cultivation, works with marijuana plants at the Desert Grown Farms culti...
FILE- In this July 1, 2017, file photo, people line up at the NuLeaf marijuana dispensary in Las Vegas. A marijuana trade group says pot production, p...
FILE - In this Aug. 1, 2018, file photo, Christine Glenn sorts marijuana at the Blum marijuana dispensary in Las Vegas. Nevada regulators and industry...
FILE - This Sunday, Oct. 8, 2017, file photo shows the Las Vegas Strip in Las Vegas. A marijuana trade group says pot production, processing and sales...
FILE - In this Tuesday, Sept. 18, 2018, file photo, people walk by the Cannabition cannabis museum in Las Vegas. The museum celebrating all things can...
FILE - In this July 1, 2017, file photo, a person buys marijuana at the Essence cannabis dispensary in Las Vegas. The first full year of legalized mar...

FILE - In this June 28, 2017, file photo, Alessandro Cesario, the director of cultivation, works with marijuana plants at the Desert Grown Farms culti...

FILE- In this July 1, 2017, file photo, people line up at the NuLeaf marijuana dispensary in Las Vegas. A marijuana trade group says pot production, p...

FILE - In this Aug. 1, 2018, file photo, Christine Glenn sorts marijuana at the Blum marijuana dispensary in Las Vegas. Nevada regulators and industry...

FILE - This Sunday, Oct. 8, 2017, file photo shows the Las Vegas Strip in Las Vegas. A marijuana trade group says pot production, processing and sales...

FILE - In this Tuesday, Sept. 18, 2018, file photo, people walk by the Cannabition cannabis museum in Las Vegas. The museum celebrating all things can...

FILE - In this July 1, 2017, file photo, a person buys marijuana at the Essence cannabis dispensary in Las Vegas. The first full year of legalized mar...

LAS VEGAS (AP) — A report for a marijuana trade group says pot production, processing and sales could reap more than $1 billion in tax revenue for Nevada over seven years.

That's a key finding in an economic analysis released Friday by the Nevada Dispensary Association.

It projects that pot-friendly policies in tourist-oriented Las Vegas and Reno could make Nevada one of the nation's largest marijuana marketplaces by 2024.

The report comes after state officials reported that first-year taxable pot sales totaled almost $530 million statewide. Nevada received just under $70 million in tax revenue since sales started July 1, 2017.

The analysis by Las Vegas-based RCG Economics didn't look at public safety, health, human services, schools or criminal justice costs associated with legalization.

Nevada is among nine states and Washington, D.C., that have broadly legalized marijuana.

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This story has been clarified to show that $1 billion in tax revenue is projected over seven years.


Updated : 2021-10-17 09:18 GMT+08:00