LAS VEGAS (FOX5) -- Officials from the Nevada Department of Taxation said the state's marijuana tax revenues for Aug. 2018 surpassed the record for Aug. 2017.
According to a statement from the state's tax department, marijuana tax collections for Aug. 2018 totaled at $8.1 million, which was $3.2 million higher compared to last year. Both were wholesale and retail taxes that made up the total tax revenues.
"For August and July of this year, the Wholesale Marijuana tax saw more than double the collections for those same months last year," the statement said. "August is the third record-high month in a row for revenue from that tax, with the month's collections just shy of $3.9 million."
During August, the tax department said Nevada's licensed marijuana dispensaries and retail stores reported $48.8 million in taxable sales, which included medical marijuana, adult-use marijuana and marijuana-related goods.
"While this represents a relatively small portion of the state's overall monthly taxable sales, which were about $5 billion in August, the upward trend we have seen in marijuana excise tax revenue since adult-use sales began indicates this nascent industry is continuing to develop," the tax department said.