Nevada Makes $30 Million In Marijuana Taxes During First Six Months Of Sales 26 Feb, 2018
Nevada Makes $30 Million In Marijuana Taxes During First Six Months Of Sales
The Silver State’s marijuana industry is still in its infancy, but the cannabis market has raked in more than $30 million in tax revenue for the state so far. Retailers in Nevada have sold more than $195 million in cannabis during the first six months of its adult-use market.
Unlike other states (including California, Maine and Massachusetts) that legalized recreational marijuana in 2016, Nevada implemented its program a full six months ahead of the new year. The state charges a 15% tax on wholesale marijuana and a 10% tax on retail sales. That netted the state nearly $3.7 million in tax revenue for July 2017 – its first month of recreational sales. Tax revenue hit a peak of nearly $5.84 million in October 2017.