Tax revenue for the state was more than $31 million in just four months
The marijuana market in Nevada is strong. According to the Nevada Department of Taxation (NDT), the state received over $31 million in tax revenue from the sale of marijuana in only four months, from July through October. The majority of the revenue came from Clark County, home of Las Vegas, the true city that never sleeps.
Marijuana taxes provided over 45% of the total budget forecast for the entire fiscal year of the state with only four months being covered. 80% of the tax revenue came from Clark County, 14% came from Washoe County and the remainder was scattered throughout the state.
The NDT’s executive director, Bill Anderson, explains, “We saw a strong upward revenue trend through the first year, and by comparison, the numbers for the first four months of the second fiscal year show a more level pattern thus far. In all likelihood, we will see fairly steady revenue figures across the remaining eight months of the fiscal year, likely with some modest fluctuations up and down.”
There is a 15% tax on wholesale marijuana that is paid by cultivators of recreational and medical marijuana. In October, a total of $51.63 million in sales was made, adding to the total of $197.95 million seen year-to-date.
The revenue that is collected is used t fund a number of programs. Part of it is allocated to the marijuana program itself and another $5 million is given to local governments. The remainder is delivered to Nevada’s Distributive School Account.
