Nevada is skating past its first-year goals for recreational marijuana revenue.
The state has collected $48.97 million in total marijuana tax revenues since sales began.
Adult-use cannabis sales topped $41 million in March, the most successful month since legal sales began in July last year, according to a report Wednesday from the Nevada Department of Taxation.
Recreational marijuana sales have reached $304.73 million in Nevada, according to the state’s most recent data. The total for combined taxable sales — including medical marijuana, adult-use marijuana, and marijuana-related tangible goods — is $385.99 million for the first nine months of the fiscal year.
With three months still in the fiscal year, Nevada has already brought in about 97 percent of the combined marijuana tax revenue that was projected for the entire fiscal year. The state’s projection for total amount of marijuana tax revenue this year was $50.32 million.
The wholesale marijuana tax, which is paid by cultivators on both medical and adult-use marijuana, has contributed $18.5 million to the tax revenue total so far this fiscal year. The retail marijuana tax, which is paid by consumers on adult-use marijuana purchases (not medical), has contributed $30.47 million fiscal year to date—bringing that particular tax $3.99 million over its individual projection for the year. [Read more at Reno Gazette Journal]