This past July, Nevada legalized recreational marijuana usage for anyone over 21, very similarly to alcohol. These new laws essentially means that anyone of the legal drinking age could walk into one of the many dispensaries and purchase marijuana. Whether medical or not, any individual can purchase up to an ounce of marijuana at once.

 

However, certain strains and cannabis-infused products are only allowed to be sold to those with medical prescriptions. Also, they have access to countless edibles far beyond the basic chocolate “pot brownies” made in some kid’s dorm room of yesteryear. Instead, professionally done edibles such as granola bars, THC-infused juices, and even cannabis-infused olive oil are produced with a precise and exact amount of THC, the psychoactive chemical in cannabis, as opposed to however much cannabis your friend felt like putting in.

 

(Review Journal)

The dispensaries themselves range from small operations in shopping centers to large scale dispensaries with grow houses built in to cultivate. Done in complete compliance with the new laws, dispensaries have armed security and one must be 21 to even enter the dispensary. They have knowledgeable employees to assist customers in exactly which type of cannabis they’d prefer, whether it be indica, sativa or a hybrid of the two. Imagine an Apple store but with marijuana instead.   

 

In pattern with the other states that have legalized marijuana and contrary to what our Attorney General says, Nevada has, as many rappers would say, “made bank.” In only one month, the month of July 2017 to be exact, the state of Nevada made $3.68 million in tax revenue. In total, the state of Nevada sold $21.7 million in legalized marijuana only in the month of July.

 

According to Nevada Tax Department spokeswoman Stephanie Klapstein, if the numbers in terms of marijuana sales are to continue to stay at the astronomical level that they’ve been performing at, sales are projected to bring in $120 million over the next two years (1). If taxed at the same rate as marijuana currently is at a 10 percent retail tax, Nevada is projected to make $63.5 million in tax revenue in two years time.

 

Apart from simply the revenue brought in from the legal sales of marijuana which added up to about $2.71 million, the 15 percent wholesale tax given to both medical and recreational growers has brought in $974,060 in July. Even after the $3.68 million from cannabis tax revenue in Nevada, The Tax Department also reports that license and application fees paid by businesses getting licenses to operate adult-use marijuana establishments have, to date, generated $6.5 million in state revenue.

 

(C-SPAN)

I usually try to have some snappy and creative ending for all my articles, but I’ll be honest for this ending. While I’m personally very in favor for federal legalization of cannabis, I understand that some people, including Attorney General Jeff Sessions aren’t. While he hasn’t explained his reasoning for disliking cannabis beyond “good people don’t smoke marijuana”, I’ve never heard him, or any politician for that matter, utter the words “I hate tax revenue.”

 

Now, I understand political and moral bias behind not wanting marijuana legalization, but numbers and facts have no political bias whatsoever. Sessions can talk about the “evils” of marijuana, but $3.68 million in tax revenue doesn’t lie.

 

While the legalization of cannabis in Nevada has generated millions of dollars, incredible legalization moves will be made on January 1, 2018, when California, the world’s sixth largest economy, will legalize cannabis recreationally. If a state the size of Nevada made close to $4 million in one month, imagine the profit margins that California is looking at.

 

What are your feelings on marijuana legalization? Let’s discuss the topic by Tweeting me at @CaptainKasoff.