Cannabis sales in Nevada reached nearly $1 billion during fiscal year 2022 – July 1, 2021, to June 30, 2022 – Nevada Independent reports. However, taxable sales of $965 million represented a 4% decrease year-over-year.
The report says the reasons for the drop in sales may include expiring COVID-19 restrictions and other economic factors such as inflation.
During the first part of the year, NevadaThe cannabis retail industry has seen a decline in retail sales, a trend that aligns with other mature cannabis markets across the country,” Nevada Cannabis Compliance Board spokeswoman Tiana Bonner said in an email to The Independent. However, cannabis companies are not immune to the effects of inflation and a lack of disposable income as consumers adjust their spending habits and priorities.”
Much of the tax revenue, $147 million total, will go to K-12 education. The state imposes a 10% excise tax, totaling $89 million, and a 15% wholesale tax, totaling $63 million, according to the report. Two other funds benefit from sell cannabis $5 million for local governments, the rest going to fund state regulatory duties such as the Compliance Board.