Nevada’s new cannabis laws go into effect on July 1st.
This year alone the city has welcomed more than 17,000,000 visitors and that doesn’t even include the summer months.
Come July 1st Nevada locals and the millions of visitors age 21 and up will soon be able to walk into a dispensary and purchase cannabis similar to dispensaries in Denver.
Here are four things you should know before making Nevada the next stop for your next canna vaycay.
How much is this going to cost me?
The wholesale tax that dispensaries pay when purchasing product has increased as part of Adult Use. There will also be different taxes applied to transactions dependent upon whether you are a medical patient or a recreational customer.
Where Does The Money Go?
Revenue from the tax on Nevada’s recreational sales is projected to stimulate approximately $7.5 billion in economic activity in the first seven years of sales. That’s a lot of cash! So here’s where it’ll go.
The state’s Opportunity Scholarships are slated to receive a whopping $20 million boost. An additional $25 million is slated to go to the University of Nevada, Las Vegas (UNLV), with the remainder going to the State’s general fund.
Do I Still Need My Medical Marijuana Card?
Yes! It will save you money in the long run because medical cannabis products will be taxed at a lower rate than recreational sales. Beginning July 1st, recreational customers will have a 10% excise tax applied to their transactions.
What’s the Legal Limit?
State possession limits are still capped at 2.5 ounces for medical patients and 1 ounce for recreational consumers.
The current law that limits medical marijuana patients to 70 grams in a two-week period is also ending under the new provisions.