New figures from Nevada’s Department of Taxation show marijuana hit an all-time record for tax revenue.
The state recorded $7.9 million in tax revenue for July, up $4.2 million from the same time last year when recreational cannabis sales began. It beat out the top three months of last year’s sales, the department said in a statement.
The tax revenue includes adult-use recreational and medical marijuana sales. Nevada has a wholesale tax for both, and a sales tax for recreational marijuana only.
“While the total combined revenue from these taxes hit a new peak, this July is the third largest month for adult-use sales, which were just shy of $41 million. That amounts to $4.1 million in revenue from the retail tax for the month. The wholesale tax generated $3.8 million, which is its largest month of collections to date,” Nevada Dept. of Taxation Executive Director Bill Anderson said in a statement. “The combined taxes are projected to bring in $69.4 million over the course of this fiscal year, which runs through June 2019.”
The first year of recreational marijuana sales in Nevada was big business. The state recorded over a half-billion. Money from recreational pot goes to the school fund and the general fund.
Utah voters will decide whether to allow medical marijuana on Proposition 2, but lawmakers will also consider a compromise bill that would implement some kind of cannabis program after the November election. West Wendover, Nev., has debated recreational marijuana sales and Mesquite has gone recreational since last year.