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.
“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]