Nevada dispensaries sold nearly $425 million worth of recreational marijuana and pulled in nearly $70 million in tax revenue in the state’s first full year of sales, officials announced Tuesday.
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The Mormon church ramped up its opposition Thursday to a proposal that would allow medical marijuana in Utah, even as faith leaders insisted they support suffering patients using it under strict controls.
Democratic gubernatorial nominee Steve Sisolak told business leaders on Friday that if some Nevadans knew that revenue from a marijuana sales tax isn’t all going towards education, they would not have voted to legalize cannabis.
Nevada’s first full year of legal adult-use marijuana sales is set to exceed more than $400 million in sales. But the dispensaries, producers and marijuana growers in the state still have no stable place for all that cash.
Two of the first states to broadly legalize marijuana took different approaches to regulation that left Oregon with a vast oversupply and Colorado with a well-balanced market. But in both states, prices for bud have plummeted.
Nevada regulators and industry insiders say the state’s first year of broad marijuana legalization has exceeded even their highest expectations, with sales and tax collections already surpassing year-end projections by 25 percent.