Nevada’s First Month Of Pot Sales Nets $3.7 Million Taxes
RENO, Nev. (AP) — State tax officials say the first month of legal sales of recreational marijuana in Nevada brought in more than $3.5 million in tax revenue.
Nevada Tax Department spokeswoman Stephanie Klapstein told The Associated Press Thursday they are "good numbers" consistent with projections pot sales will generate $120 million in state taxes over the next two years.
The combination of a 15 percent wholesale and 10 percent retail tax raised $3.68 million in July, the first month of Nevada's fiscal year.
Some of that's headed to the state's rainy day fund. But the vast majority going forward is dedicated to schools.
Legal sales began July 1.
The $120 million biennial projection anticipates $5 million in monthly tax revenue. But Klapstein says state officials actually projected no revenue for July because of uncertainty surrounding licensing and local ordinances.