Indopedia All Things Marijuana
Nevada’s first month of recreational cannabis sales was a record-shattering success, according to data released by the state’s Department of Taxation this week. Dispensaries sold over $27 million worth of cannabis products this July, bringing the state more than $3.6 million in tax revenue in just one month. This figure is nearly double the records set by other canna-legal states’ initial sales. Colorado and Oregon sold around $14 million each during their first months of sales, and Washington sold under $4 million in its first month.
The sales figures are in line with the total annual sales projections by the Taxation Department. “Although July was not accounted for in our projections, the first month’s revenues demonstrate that the state’s structure appears to be collecting as a rate consistent with the consensus forecast,” Mari St. Martin, spokesperson for Gov. Brian Sandoval, said. Officials have predicted that recreational cannabis sales will bring the state $63.5 million over the next two years.
Out of the total $3.6 million in tax revenue, $2.7 million came from the special excise tax on recreational marijuana. This portion of the revenue will be reserved…
