First year of recreational pot sales in Nevada top $500M
RENO, Nev. (AP) — The first full year of legalized marijuana for recreational use in Nevada pushed taxable pot sales past the $500 million mark statewide and raised nearly $70 million in tax revenue, including $27.5 million for schools.
The Nevada Department of Taxation said Tuesday the $529.9 million in taxable pot sales for recreational and medical use combined exceeded expectations by 40 percent for the fiscal year that ended June 30.
Recreational sales accounted for about 80 percent of the total.
Pot tax collections totaled $7.1 million in June — the fourth consecutive month they reached $6.5 million or more.
State Tax Director Bill Anderson says sales not only exceeded the forecast, but went off largely without a hitch from a regulatory standpoint. He’s predicting combined marijuana tax revenue will total $69.4 million in the current fiscal year ending June 30, 2019.