Nevada’s recreational marijuana dispensaries sold more than $37 million worth of cannabinoid-related products while the combined adult-use and medical marijuana market generated north of $5.8 million in tax revenue for the month of October.
Released by the Nevada Department of Taxation Wednesday, the Las Vegas Review Journal is reporting October’s sales have helped the Silver State cultivate more than $19 million in new tax revenue since recreational sales first began on July 1.
After firing up the state’s recreational marijuana sales three days before Independence Day, Nevada’s newest industry has generated some serious tax revenue for the state:
- $5.8 million in Marijuana Tax Revenue for October
- $4.7 million in Marijuana Tax Revenue for September
- $4.8 million in Marijuana Tax Revenue for August
- $3.7 million in Marijuana Tax Revenue for July
Nevada State Sen. Tick Segerblom (D), excited by the millions of new tax dollars generated, took to Twitter at 4:31 a.m. and called for the Nevada State Legislature to hold a special session, in hopes of discussing an early distribution of the funds.
Generated by Nevada’s 15-percent wholesale tax for both medical and recreational cannabis products, and a 10-percent excise tax on recreational marijuana sales, the Nevada Department of Taxation has collected roughly $19 million in just four months.
The state’s 10 percent retail tax was responsible for generating approximately $3.8 million worth of October’s total marijuana tax revenue for Nevada, which is earmarked for the state’s rainy day fund.
Also padding the state’s coffers by nearly $6.5 million since the beginning of July, its 15 percent wholesale tax is anticipated to generate $56.2 million in revenue over the first two years of recreational sales.
The 15 percent wholesale marijuana tax helps pay for “Nevada schools, via the distributive school account, after administrative costs for the Department and local governments.”
credit:marijuana.com
