Nevada: Cannabis to overtake mining in state tax revenue on approx 20% of revenue

Nevada: Cannabis to overtake mining in state tax revenue on approx 20% of revenue

The mining industry is getting a better deal than the cannabis industry..“I think the contrast between how this state treats mining and cannabis reveals the outsize influence and crony capitalism of the mining industry,” says Patrick Donnelly, Nevada State Director for the Center for Biological Diversity The Nevada Current has this interesting report. Nevada’s mining industry generated $7.7 billion dollars in gross sales in fiscal 2018 and paid $125 million in state and local taxes.      By contrast, the state’s fledgling marijuana industry generated just $529.8 million in revenue but contributed $69.8 million to state and local coffers that same year — the first of legal recreational sales.  By the next year, fiscal 2019, marijuana taxes amounted to just under $110 million, according to the state, on sales of $639 million.  Marijuana tax revenue for the first three months of fiscal year 2020 is $29.9 million.   At that pace, cannabis is in line to contribute as much if not more in state tax revenue than the mining industry. The Silver State’s mining industry produced 72 percent of U.S. gold in 2017 and 5.6 percent of the gold produced worldwide, according to the Elko Daily Free Press.   But the precious metal fails to pull its…

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Source : CANNANNEW REPORT
Link to original : Nevada: Cannabis to overtake mining in state tax revenue on approx 20% of revenue
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