Governor Brian Sandoval has signed legislation, Senate Bill 487, imposing new tax rates on marijuana-related business transactions.
The measure imposes an excise tax of 15 percent on wholesale cannabis sales to both medical and recreational facilities. The measure also imposes an additional ten percent retail sales tax on marijuana or marijuana-related products sold at retail (non-medical) facilities. Revenue from sales taxes will be earmarked to the state’s ‘rainy day’ reserve fund.
Full text of the law is here.
While NORML generally does not oppose the imposition of reasonable taxation rates on retail cannabis sales, the organization opposes taxes on medical cannabis related transactions.
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