According to numerous reports, Gov. Brian Sandoval is planning to get about $90 Million in tax money from the newly created marijuana industry in the state of Nevada.

Sandoval said in his speech that the proposed tax on sales of marijuana would raise about $69 Million for the education industry. Another $21 Million could be generated with wholesale taxes and business fees.

This money is the only new thing in the proposed general fund budget of the state by Sandoval totaling to $8.1 Billion.

However, US Rep. Dina Titus and Washoe County DA Chris Hicks said that it is possible that the money would go off in a puff of smoke if Att. Gen. Jeff Sessions and President Donald Trump go after this industry.

Despite many states accepting marijuana, it remains illegal on a federal level. It is listed as Schedule 1 under the Controlled Substance Act.

Titus said that on a national and state level, a lot of work is being done to make sure that feds don’t mess with the newest industry of Nevada.

One of the big hurdles for this industry, according to Titus, is banks. There is a federal law that prohibits credit unions and banks from taking money earned by selling pot. So, the marijuana businessmen don’t have any place to put their cash in.

She said that this would be like a situation in which they would have to cash and carry their money. This is very dangerous.

Titus and Rep. Ed Perlmutter, D-Colo are co-sponsors of the banking bill for marijuana.

Titus also said that banks are interested to do business as there is a lot of money involved, but most of them are afraid as it is illegal on the federal level and banks are subject to regulations federally. They have a scare that somebody would come and shut them down.

Because of this banking problem, there is also a marijuana cash problem for the tax collectors as they would have to count stacks of bills.

She adds that if you are trying to tax this revenue, the result is not that accountable. So, if credit unions and banks get interested or some kind of cooperation happens, which is not subject to the regulations on a federal level, it would be the crucial first step.

The marijuana industry is new and booming and some kind of solution for this banking problem would also surface soon.