Tax Revenue collected from the cultivation of Recreational Cannabis will be funneled toward schools, and revenue from recreational marijuana sales tax will go towards the Nevada state’s rainy day fund.
How Marijuana Money Ends Up In Schools…
Only the 15 percent wholesale tax on both recreational and medical marijuana will aid public education. That tax is projected to rake in $56.2 million this biennium, the governor’s office estimates. Fees from applications, licenses and medical cards — projected at $7.1 million — will also go toward the Distributive School Account.
But some of that revenue must pay for the Department of Taxation’s costs to regulate the industry. Also, governments can tap $5 million of the marijuana tax revenue per year to help offset the costs of regulation.
The remainder — a projected $20 million in each of the next two years — will end up in the Distributive School Account.