Move over boozed-fueled gambling, Nevada’s freshly legalized marijuana initiative is about to cultivate a new economic base.

With Tuesday’s passage of Nevada’s recreational marijuana ballot measure, residents and visitors alike will be able to legally possess up to an ounce of marijuana at the strike of midnight on New Year’s Eve 2016.

Passed by 54.47% – 45.53% margin, Nevada’s legal marijuana will have a 15% excise tax that is anticipated to generate over $460 million in total tax revenue during the first seven years, according to the Las Vegas Sun.

Projected Nevada Marijuana Revenue

Estimated to generate approximately $1.7 billion in total wages by employees of the new industry, the marijuana trade is also anticipated to germinate over 40,000 new full-time jobs in the Silver State by 2023.

With a two-tiered marijuana price system — one for locals and one for vacationers — Clark County and Las Vegas are anticipating over $224 million in marijuana-related revenue in 2018 alone.

“That’s based on a price of $11 per gram, $2 more per gram than the projected price that locals would pay. As with most goods and services, marijuana would be more expensive on (or near) the Strip. The equation also is based on statistics-based projections on the number of annual visitors who would use marijuana (6.1 million), the average duration of their stay (3.4 nights) and their average daily consumption (0.98 grams).”

Thanks to the elevated support by voters in Clark County, Washoe County, Nye County, and Storey County, Nevada will have a new source of revenue to help fund their schools.