New figures released by Nevada’s Department of Taxation show the state made more than a half-billion dollars in its first year of recreational marijuana sales.
It’s 140 percent of what the state expected, a veritable cash crop.
The state reported $529.9 million in sales for all marijuana sales—that includes recreational, medicinal and cannabis-related products. Tax-wise, the Nevada Department of Taxation reported taking in nearly $70 million from the 2017-2018 fiscal year.
Adult-use marijuana sales totaled $424.9 million for the year, generating $42.5 million in tax collections through the 10-percent retail marijuana tax, the agency said in a statement. A 15-percent wholesale tax collected $27.3 million for the fiscal year. The wholesale tax goes to education. Retail taxes go into the state’s rainy day fund.
Top Image: © Pascal Huot | Adobe Stock
