skip to Main Content
Nevada Brings in Over $27 Million During First Month of Recreational Marijuana

Nevada dispensaries raked in more than $27 million during the first month of recreational marijuana sales, generating more than $3.6 million in taxes, according to figures released Thursday by the Nevada Department of Taxation.

How does that stack up against the other states with legal marijuana?

It’s nearly double.

Colorado and Oregon each sold about $14 million in marijuana during their respective first months of sales. Washington sold $3.8 million in its first month.

“We came out of the gate like a shotgun,” said Matt Morgan, CEO of Reef Dispensaries.

Morgan said that, even three months into recreational sales, Reef’s dispensary located behind the Fashion Show Mall has a line inside the store at nearly all times and outside about 40 percent of the time.

Nevada’s market will only grow, he said.

“I still don’t think everyone understands that it’s recreational in Nevada yet,” Morgan said.

For Nevada, $2.7 million in tax revenue came from the 10 percent special excise tax on recreational marijuana, all of which is destined for the state’s rainy day fund.

That falls right in line with Nevada’s marijuana sales estimates even though there were no state projections for July because of uncertainty about when stores would begin sales. State officials have projected that special sales tax will generate $63.5 million over the first two years of sales. [Read more at Las Vegas Review-Journal]

This Post Has 0 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Stories

US Marijuana Industry Hits All-Time High

The legal cannabis industry is thriving in the U.S., reaching its highest-ever number of jobs and sales, a new report shows. Vangst, a cannabis industry job platform, found that at…

Black market marijuana tied to Chinese criminal networks infiltrates Maine

Maine is the newest frontier for the illicit marijuana trade, with potentially hundreds of suspected unlicensed grow houses operating in the state, a CBS News investigation has found. It’s part…

Iowa’s medical marijuana program is 10 years old. How does it compare with other states?

Ten years ago this month, Iowa policymakers made it legal to use cannabis for certain medical treatment, marking the start of what would eventually become Iowa’s existing medical cannabidiol program.…

Is Remediation Safe?

By Tom Hymes Remediation in the cannabis industry has become an increasingly hot topic as the practice has expanded in legal markets throughout the country, and for good reason. Remediation…

More Categories

Back To Top
×Close search
Search