Nevada lawmakers decided late Sunday night on what the state’s cannabis tax rate would be and that much of the revenue would go to public education. They came to a deal in the nick of time as it was just a day before Nevada’s legislature’s final deadline.
The retail tax on cannabis sales will be 10% and the tax for growers will be 15%.
The state’s tax and cannabis revenue will help fund Nevada’s Opportunity Scholarships over the next two years as well as give $25 million to the University of Nevada.
For this biennium, the money will go to a rainy day fund for emergency uses instead of education this year. State Sen. Julia Ratti commented to the Reno Gazette-Journal that legislature would need to reopen the K-12 budget which has already passed and has been sent to Governor Sandoval.
“I am actually quite pleased that it’s going to the rainy day fund,” she said. “I think it’s a really good move to make sure the state regains some of its fiscal stability.”
