This week the consultant team of RCG Economics and the Marijuana Policy Group (MPG) released an economic & fiscal benefits study that was commissioned by The Coalition to Regulate Marijuana Like Alcohol. The purpose of the Study was to analyze the potential economic and fiscal benefits of the marijuana ballot initiative on the Nevada economy (aka the Initiative to Regulate and Tax Marijuana aka “Question 2″) should it pass in November.
A recap of the study’s findings is provided below. All dollar figures are in 2016 dollars to facilitate simple comparisons.
You can also review the entire study here.
Estimated Annual Marijuana Market Sales
Estimated Percent of Sales to Tourists (by sales volume)
Projected Annual Economic Benefits of Adult-use Marijuana Market (2024)
New direct full-time jobs: 3,298
New total full-time jobs: 6,208
New direct labor income: $111,554,000
New total labor income: $260,732,000
New direct economic activity: $485,017,000
New total economic activity: $1,130,089,000
Projected Total State Fiscal Benefits of Adult-use Marijuana Market (2018-2014)
Tax revenues (sales, use, excise, commercial, payroll): $464,005,000
The consultant team relied on data provided by MPG,
various state and local government agencies,
the U.S. Bureau of Economic Analysis, and
National Survey on Drug Use and Health.
In case you missed it, here’s the Las Vegas Sun story on the study and the related press conference this week by The Coalition to Regulate Marijuana Like Alcohol.
Please do not hesitate to reach out to us with questions and again, you can read the entire study here.