The Nevada Cannabis Compliance Board (CCB) and the Nevada Department of Taxation (DoT) released figures showing more than $965 million in taxable sales reported by Nevada’s legal cannabis industry over a 12-month period.
During Fiscal Year 22 (July 1, 2021 – June 30, 2022), licensed adult-use cannabis retail stores and medical dispensaries generated $965,091,123 in taxable sales. This is a decrease of roughly 4% as compared to over $1 billion in taxable sales from FY 21. The majority of sales were conducted in Clark County and unincorporated cities in Southern Nevada.
Nevada had made a big deal of crossing into the billionaire’s club in 2021 in the thick of Covid, so to see sales drop in 2022 as tourism has increased is troubling. Year-to-date Las Vegas visitor volume has increased by 27% and convention attendance has increased by 255%.