Nevada AB307 revises cannabis taxation, eliminating wholesale sales tax and increasing retail sales tax.

Nevada AB307 revises provisions governing the taxation of cannabis and cannabis products. It eliminates the excise tax on wholesale sales of cannabis and increases the excise tax on retail sales from 10% to 14.25% of the sales price. The bill also removes the obligation of sellers to pay the excise tax, shifting it to purchasers. Revenues from the retail sales tax are to be distributed to the Cannabis Compliance Board and local governments to cover costs related to cannabis regulation, with any remaining funds deposited into the State Education Fund.

Nevada AB307 revises cannabis taxation, eliminating wholesale sales tax and increasing retail sales tax.

Nevada AB307 revises provisions governing the taxation of cannabis and cannabis products. It eliminates the excise tax on wholesale sales of cannabis and increases the excise tax on retail sales from 10% to 14.25% of the sales price. The bill also removes the obligation of sellers to pay the excise tax, shifting it to purchasers. Revenues from the retail sales tax are to be distributed to the Cannabis Compliance Board and local governments to cover costs related to cannabis regulation, with any remaining funds deposited into the State Education Fund.