NEVADA NETS $3.7 MIL IN FIRST MONTH OF MARIJUANA TAX COLLECTIONS
By Colin A. Young
STATE HOUSE NEWS SERVICE
STATE HOUSE, BOSTON, OCT. 12, 2017....The Silver State is seeing green, having hauled in $3.68 million in state tax revenue during the first month of legal marijuana sales.
The bulk of the revenue was generated by Nevada's 10 percent retail tax on sales of recreational marijuana, totaling $2.71 million in July, the Nevada Department of Taxation reported. Another $974,060 came from a 15 percent wholesale tax charged to all cannabis cultivators.
Wholesale tax revenue goes to Nevada schools and is expected to bring in $56.2 million over the next two years.
Revenue from the 10 percent retail tax will go to the state's rainy day fund and is expected to produce $63.5 million over the next two years. Marijuana became legal in Nevada on Jan. 1 and retail sales began July 1, making the state the fifth in the country to provide legal retail access to marijuana.
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