Nevada Cannabis Regulators Say Tax Revenue Is Down Due to Growing Illicit Sales - Ganjapreneur | Where to buy Skittles Moonrock online

Learn how to order Skittles Moonrock online. TOP QUALITY GRADE A++

Cannabyss Inc. is the best place online to buy top quality weed, cannabis, vape, marijuana and CBD products. Get your borderless orders delivered at the pickup spot with ease. Top Grade products for client satisfaction.

👉 Click here to Visit our shop! 🛒

Wed / Feb 26th

by Graham Abbott

Officials with the Nevada Cannabis Compliance Board told lawmakers during a presentation that illicit cannabis sales, which have grown to a $242 million industry, are cutting into the state’s cannabis tax revenue by undermining the legal market.

Full story after the jump.

Officials from the Nevada Cannabis Compliance Board (CCB) said Tuesday during a presentation to state lawmakers that illicit cannabis sales in Nevada have grown to a $242 million industry, KLAS 8 News Now reports. The officials also noted that because more cannabis consumers are opting for the illicit market, typically for convenience or pricing-related reasons — and also due to a downtrend in cannabis use after nationwide spikes during the COVID-19 pandemic — cannabis tax revenue in the state has dropped.

Cannabis industry sales fell from $965 million in fiscal year 2022 to $829 million in fiscal year 2024, and cannabis tax revenue dropped by $32 million during the same period, the report said.

When pressed by lawmakers about why the illicit market is growing despite the state having legalized adult-use cannabis in 2017, CCB officials including Executive Director James Humm noted that enforcement duties are split between the Department of Agriculture, which oversees cannabis cultivation, and the Nevada Department of Health and Human Services, which oversees cannabis consumable products.

“We have also heard complaints of delivery to the Strip properties, to the hotels and casinos where licensees are not able to deliver. I feel like that is a big competitor. And additionally, high-potency CBD products that have THC in them, hemp-derived products that are extremely potent are also readily available online and in smoke shops and other types of facilities around town.” — Kara Cronkhite, CCB Chief of Health and Safety, in the report

Sen. Fabian Doñate (D) asked the board if its authority should be expanded to cover enforcement actions against illegal cannabis operators; Humm said he was “happy to contemplate that,” according to the report.

Get daily cannabis business news updates. Subscribe

Have an additional perspective to share? Send us a message to let us know, and if your comment is chosen by our editors it could be featured here.