1. The Department of Taxation shall adopt regulations to establish procedures to determine the fair market value at wholesale of cannabis. The regulations shall:
(a) Provide that the fair market value of cannabis:
- (1) Will be calculated and published by the Department on a quarterly basis not more than 30 days after the end of each calendar quarter; and
- (2) Is the median sales price for wholesale sales between cannabis cultivation facilities and cannabis establishments that are not affiliates, per pound or each, during the period specified in subparagraph (1).
- (b) Prescribe any information required by the Department to determine the fair market value at wholesale of cannabis.
- 2. The Board shall ensure that any computer software used for the seed-to-sale tracking of cannabis adopted by the Board includes a method to denote transfers of cannabis between affiliates.
- 3. The Board shall furnish the Department with such information as the Department determines to be necessary to adopt the regulations required by this section.
- 4. As used in this section, “affiliate” has the meaning ascribed to it in NRS 372A.290.
(Added to NRS by 2019, 3811; A 2023, 2753)