Alert: Nevada Cannabis Compliance Board – CCB/DoT Release Annual Cannabis Taxable Sales Data Now Published

CANNANNEW REPORT

CCB/DoT Release Annual Cannabis Taxable Sales Data Nevada’s legal cannabis industry sees more than $1 billion in taxable sales for FY21 – $159 million transferred to the Distributive School Account (DSA) Together with the Nevada Cannabis Compliance Board (CCB), the Nevada Department of Taxation (DoT) released figures showing more than $1 billion in taxable sales reported by Nevada’s legal cannabis industry over a 12-month period. During Fiscal Year 21 (July 1, 2020 – June 30, 2021), licensed adult-use cannabis retail stores and medical dispensaries generated $1,003,467,655 in taxable sales. This is an increase of more than $318 million as compared to $685 million in taxable sales from FY 20. The majority of sales were conducted in Clark County and unincorporated cities in Southern Nevada. TAXABLE SALES FISCAL YEAR 21 Taxable Sales Reported by Adult-Use Retail Stores and Medical Dispensaries $1,003,467,665 Clark County $791,100,017 Washoe County $135,326,790 All Other Counties $77,040,859   Transfer of funds to the Distributive School Account (DSA) Over $67 million was transferred to the DSA from the CCB, representing combined revenue from the State Wholesale Cannabis Excise Tax, along with civil penalties, licensing and other fees collected through regulation of the cannabis industry. Additionally, over $92 million in Retail Cannabis Excise Tax Revenue was transferred to the DSA in FY 21. In 2019, Governor Sisolak signed SB 545, directing all revenue from the 10-percent retail cannabis excise tax into the DSA. “This is what Nevadans expected since the legalization of recreational marijuana,”Governor Steve Sisolak said. “Education remains one of my top priorities, and I’m proud to see promised tax revenue from cannabis sales directly funding our students and classrooms.” The CCB officially began regulating Nevada’s cannabis industry on July 1, 2020, transitioning oversight from the DoT’s Marijuana Enforcement Division. Additional Links & Information: Cannabis Compliance Board: Industry…

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Source : Alert: Nevada Cannabis Compliance Board – CCB/DoT Release Annual Cannabis Taxable Sales Data Now Published

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