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How Nevada’s New Marijuana Laws Will Affect You

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How Nevada’s New Marijuana Laws Will Affect You

Submitted by Marijuana News

Medical marijuana currently is taxed 2 percent at cultivation, 2 percent at production and 2 percent at sale.

“What’s important Is that you’re creating that delta between medical and recreational costs – it’s keeping the cost down for medical,” Sen. Julia Ratti, D-Sparks, who sponsored the tax bill.

Revenue collected from the cultivation will be funneled toward schools, and revenue from recreational marijuana sales tax will go towards the state’s rainy day fund.

“This is a brand new industry, we really don’t know (how much it will bring in),” Ratti said. “To have no services dependent on this money, I think it’s really fiscally responsible.”

The way the bill is written, the money can be picked up out of the fund for education at any time.

Ratti’s bill also puts a cap on the license fee that cities may charge marijuana establishments. That fee can be no more than 3 percent of the establishment’s gross revenue.

 As a whole, local governments statewide also will receive $5 million for their expenditure of resources.

Black market

One of the greatest challenges ahead is ensuring that prices remain competitive with those available on the black market.

Currently, an ounce of marijuana at a medical dispensary goes for about $300, while an ounce on the streets might go for a $100 less.

The Legislature may need to review its tax rates in two years, Ratti admitted, depending on how successfully the regulated market stomps out the black market.

“It’s everyone’s opinion here that is not going to exacerbate the black market?” asked Assemblyman Keith Pickard, R-Carson City.

Ratti could not give a definitive answer. Most of the information that state and federal officials have on the black market is speculative, Ratti said, so the tax rates are based on other state models.

Dispensaries — which will have control over retail prices—  will have to be careful not to hike prices too high since Nevada soon will be competing with the black market, and California by January next year.

Continue reading this article at  420intel.com/articles

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