Nevada’s combined cannabis sales reached a new high in October, totaling $37.9 million, the Las Vegas Review-Journal reports. The state received $5.8 million in tax revenues, of which about $3.8 million came from the state’s 10 percent excise tax on recreational sales.
Since recreational sales began on July 1, the state has netted more than $19 million in tax revenues – about $12.6 million from retail taxes and nearly $6.5 million in wholesale excise taxes which apply to both recreational and medical cannabis products.
Nevada’s monthly sales so far:
- July: $27 million
- August: $33.4 million
- September: $27.7 million
- October: $37.9 million
The Department of Taxation estimated that state would see $63.5 million in tax revenues in the first two years of recreational sales; so far the total tax revenues have reached 30 percent of that projection.
“We are pretty on target with projections, maybe a little over.” – Nevada Department of Taxation spokeswoman Stephanie Klapstein to the Review-Journal.
The 10 percent excise tax paid by retail customers goes into the state’s rainy day fund while the 15 percent wholesale excise tax is used to pay for the administrative costs of the program for state and local governments — the remainder is used for education.