Nan Palmero

Nevada Cannabis Sales on $1M-per-day Pace

Adult-use cannabis sales in Nevada since the market launched last July have reached $195,467,170, with tax revenues of $30,376,795, according to state Department of Taxation figures outlined by Patch. The figures represent sales of $1 million per day.  

Wholesale taxes comprise $10.8 million of those revenue totals, while retail taxes make up $19.5 million. The totals indicate that the total cannabis sales in the state could exceed $400 million through the first full year.

Medical cannabis taxes – 15 percent from grower to dispensary – reached $2,189,794 last month, while the 10 percent recreational retail tax raised $3,576,900. Total sales in December reached nearly $36 million. December marked the second highest sales totals in the state in the 184 days since the program’s launch. October, with nearly $38 million in sales, is second followed by August ($33.5 million), November ($33.4 million), September ($27.7 million), and July ($27.1 million). First-month sales in Nevada outpaced first-month sales in Colorado, Oregon, and Washington, even though the launch was marred by distribution problems.

Nevada officials had estimated $63.5 million in cannabis tax revenues derived from the legal cannabis industry over the first two years – although July sales were not included in that estimate.

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