Nevada reaps $3.7M in tax revenue in first month of recreational marijuana sales
Published: Sep 28, 2017, 7:06 pm • Updated: Sep 29, 2017, 7:25 pm
By The Associated Press
RENO, Nev. — State tax officials say the first month of legal sales of recreational marijuana in Nevada brought in more than $3.5 million in tax revenue.
Nevada Tax Department spokeswoman Stephanie Klapstein (KLAPP’-steen) told The Associated Press Thursday they are “good numbers” consistent with projections marijuana sales will generate $120 million in state taxes over the next two years.
Related: Nevada sells a lot more weed in its adult-use rollout than other states
The combination of a 15 percent wholesale and 10 percent retail tax raised $3.68 million in July, the first month of Nevada’s fiscal year.
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Some of that’s headed to the state’s rainy day fund. But the vast majority going forward is dedicated to schools.
Legal sales began July 1.
The $120 million biennial projection anticipates $5 million in monthly tax revenue. But Klapstein says state officials actually projected no revenue for July because of uncertainty surrounding licensing and local ordinances.
Topics: Nevada, nevada marijuana taxes, Nevada recreational sales, recreational marijuana sales, taxes
