One year into Nevada’s foray into legalized marijuana and (at least budget-wise) things are definitely in the black.
Or, is it green?
Associated Press reports that marijuana revenue projections have been exceeded by 25 percent in Nevada’s first year of sales, blowing away even the loftiest expectations of legalization’s most strident proponents. In actual dollars, sales are expected to exceed $500 million with tax revenue around $70 million—$25 million of which is earmarked for schools.
All this, and the state is still figuring out even the most initial steps toward marijuana tourism.
Consider this: Although marijuana sales are legal in Nevada, the industry faces the same hurdles as legalized marijuana does elsewhere in the country—old stigmas, federal regulations, cash-only restrictions, etc. Moreover, a year in and Nevada still has barely begun the sort of steps that would make consumption legal for anyone outside of a private residence.
This means in a state with 50 million tourists per year (many specifically attracted by legalization, others certainly attracted by “Sin City”-themed tourism efforts), there is almost no legal avenue for actual marijuana use. Remember, then, that a tourist who cannot legally consume also, legally, cannot buy because there is no avenue to transport the purchase back to the home state.
When all of that is figured out, more untapped revenue and still almost limitless potential await.
Public opinion has just recently begun on things like smoking parlors, but opponents remain who contextualize this financial news with reminders that there is far more for the state to consider than just its coffers. Also, in terms of real-world dollars, $25 million statewide for schools isn’t exactly life-changing for students in districts where even local budgets approach or exceed $1 billion.
“People have a huge misconception that we are going to build libraries and roads and all kinds of things with this marijuana money,” said Jim Hartman chairman of Nevadans for Responsible Drug Policy, “but in reality, these are tiny, tiny numbers.”
Still, those tiny, tiny numbers are numbers that didn’t exist a year ago and should only grow from this point forward, with the potential of solving problems for a lot of Nevadans, but also increasing its already incredible draw as a tourism powerhouse.
Credit: ww.travelpulse.com