The legal marijuana industry brought in about $70 million in tax revenue last year, surpassing the estimated $50 million. That money is all collected by the state, in cash.Â
Cannabis tax revenue comes from a combined 15 percent wholesale tax and a 10 percent retail tax. For safety purposes, Nevada's Department of Taxation didn't want to disclose specifics about how they collect and store all of that cash. However, they did say eight new positions were created to accommodate the growing industry.Â
Bill Anderson, Executive Director of the Nevada Department of Taxation says, "Tax-payers do come in our office with cash, as they do to federal taxing authorities as well, and we've made the appropriate policy adjustments to handle that cash as efficiently and safely as possible."
Dispensaries and cultivators carry out cash drops at one of four state tax offices in the area. Including Greenleaf Wellness, where taxes are generated from both a pot shop and cultivating warehouse.
Greenleaf generates anywhere from $70-140,000Â in taxes, monthly. To keep track of the cash-only revenue, they record all sales daily and pay their taxes to the state each month.Â
In addition to a 24/7 armed security presence at both their dispensary and grow facility, they use delivery methods to keep that tax money safe. Tammy Kolvet, Vice President of Greenleaf adds, "We work closely with our security director to make sure cash pickups and drops are not scheduled, not timed, they're only known by three or four people within the organization."
They also keep an armed escort with them while taking the taxes to the state department. Â
However, both Anderson and Kolvet believe an end to the strictly cash-only business, with more banking opportunities, is likely not a matter of if, but when. Anderson says, "As marijuana becomes legalized, a legitimate industry in other states, the banking solution is likely to become a federal one"
