Nevada marijuana tax revenues top projections - FOX5 Vegas - KVVU

Nevada marijuana tax revenues top projections

Posted: Updated:
The Nevada Department of Taxation said marijuana sales continue to exceed expectations. (FOX5) The Nevada Department of Taxation said marijuana sales continue to exceed expectations. (FOX5)
LAS VEGAS (FOX5) -

Just eight months into the fiscal year of recreational marijuana sales in Nevada and officials said the revenues continue to top projections. The state of Nevada raked in 83 percent of the year’s projected marijuana tax revenue within the eight months, according to the Nevada Department of Taxation.

Recreational marijuana sales in Nevada began last July. In February, during the eighth month of sales, marijuana taxes brought in $5.95 million for the month, which was the largest month of tax revenues so far, the department said. February marked the third largest month of total taxable sales of recreational marijuana when it reached $35.35 million.

Marijuana generated $41.88 million in total tax revenue two-thirds of the way through the fiscal year, the department said. The total tax revenue included money from medical and recreational sales.

In addition, the Wholesale Marijuana Tax, which is paid by cultivators on both medical and recreational, brought in $2.4 million for the month and $15.51 million fiscal year to date, according to the department. In March, the Department of Taxation issued its first $5 million disbursement to local governments. It will make the fiscal year 2018 distribution to the state Distributive School Account at the end of the fiscal year, which is estimated to be about $25 million.

The Retail Marijuana Tax, which is paid only by recreational consumers, brought in $3.54 million for February and $26.37 million for the fiscal year to date. The revenue from this tax goes to a state “Rainy Day Fund.” Through February, $26.37 million has been distributed to the fund.

The Department of Taxation said with the current trend, officials expect to see end-of-year revenue that substantially exceeds expectations.  

Copyright 2018 KVVU (KVVU Broadcasting Corporation). All rights reserved.

Powered by Frankly
Fox 5
Powered by WorldNow CNN
All content © 2018, KVVU Broadcasting Corporation, Las Vegas, NV and WorldNow. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.