MARIJUANA MONEY | Recreational sales top $27.1 million for Nevada in July
CARSON CITY, Nev. (KSNV News3LV) —
The first month of recreational marijuana sales in Nevada topped $27.1 million, doubling how Colorado and Oregon performed during their first months of sales, according to state officials.
The Nevada Department of Taxation reported that marijuana sales generated $3.6 million in tax revenue during July 2017, the first month recreational marijuana sales began in the state. That revenue represents tax revenue from two separate taxes, including a 15 percent wholesale tax paid for by cultivators and a 10 percent retail sales tax.
Revenue from the 10 percent retail sales tax goes to the state rainy day fund and is projected to generate $63.5 million over the next two years.
The state also reported that license and application fees paid to the state by businesses getting into the marijuana business have generated $6.5 million in additional state revenue.
“This revenue, like the 15 percent excise tax, goes to schools, after administrative costs are deducted,” said Stephanie Klapstein, spokesperson for the Nevada Department of Taxation.
The department has received 333 applications for marijuana establishments but only licensed 250 establishments, including retail stores, cultivation facilities, manufacturing facilities, testing labs, and distributors.
Of the 250 licensed marijuana establishments, 203 of them are located in Clark County.