Tax revenues from Nevada’s cannabis industry are continuing to exceed expectations as the state raised more than $5.5 million in November from the 15 percent wholesale taxes on medical and recreational products, and the 10 percent excise tax on adult-use sales, the Las Vegas Sun reports. The governor’s office had projected the industry would bring in an average of $5 million a month from July 2017 to July 2019.
The November figures are down slightly from October’s $5.8 million. In July, the first month of recreational cannabis sales in the state, industry-derived taxes reached $3.6 million, followed by $4.7 million in August. So far, the state has raised $24.6 million. November’s revenues from cannabis excise taxes, about $2.1 million, represents the highest monthly total in the state since legalization.
Adult use sales in Nevada surpassed Washington, Oregon, and Colorado in their respective first months of operation.
Under the law, the wholesale tax revenue is first used to fund state and municipal regulation for the cannabis industry and the remainder is deposited into the Distributive School Account. Excise tax revenues are deposited into the state’s Rainy Day Fund.
State Sen. Tick Segerblom, who strongly supported the voter-approved reforms, has suggested that the revenues could exceed $10 million per month by next year.