This week the Nevada Department of Taxation reported that in August, the state collected $8.1 million in taxes alone from cannabis sales. Compared to a year ago, this is an increase of $3.2 million.
The month of August marks the biggest month of combined marijuana tax revenue to date in the state according to the agency. It is expected that in 2019 marijuana tax collection will be almost $70 million.
“All told, during the month of August, Nevada’s licensed marijuana dispensaries and retail stores reported taxable sales of $48.8 million, which includes medical marijuana, adult-use marijuana, and marijuana-related goods. While this represents a relatively small portion of the state’s overall monthly taxable sales, which were about $5 billion in August, the upward trend we have seen in marijuana excise tax revenue since adult-use sales began indicates this nascent industry is continuing to develop,” said Nevada Dept. of Taxation Executive Director Bill Anderson.
Nevada voters had approved recreational marijuana in 2016 and sales began in 2017.
