October – Nevada Marijuana Tax Numbers Are In
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Las Vegas and the rest of Nevada is looking to be a major leader in the adult-use marijuana market. October resulted in $37.9 million in recreational sales and the Nevada marijuana tax took a decent chunk of it.
The Nevada recreational tax comes in a few different forms including a 10% retail tax. Colorado is averaging well over $100 million in marijuana sales, so Nevada still has a ways to go to catch up.
Recreational and medical marijuana sales brought in a combined $5.8 million in tax revenue to the state in October — about $1 million above August’s revenue, previously the state’s biggest month.
Nearly $3.8 million of the October revenue came from the 10 percent retail tax levied on recreational sales.
“We are pretty on target with projections, maybe a little over,” Nevada Department of Taxation spokeswoman Stephanie Klapstein said.
Nevada has drawn in more than $19 million tax revenue from the marijuana industry since recreational marijuana went on sale July 1.
October’s sales marked a sizable jump from the roughly $27.7 million spent on recreational marijuana at Nevada dispensaries in September. Recreational sales in August weren’t too far behind October — when Henderson began retail sales — at $33.4 million.
More than $12.6 million comes from the retail tax on recreational weed. That’s 20 percent of the $63.5 million tax revenue projection budgeted for the first two years of recreational sales.
With growth like Nevada is seeing in marijuana sales, it will likely be one of the top markets in the country. Do you think that the tourist experience in Nevada will be identified with marijuana use?
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