Recreational sales of cannabis in Nevada set a new monthly record in March, racking up a total of $41 million, translating into more than $7 million in tax revenue. In the nine months since Nevada began collecting taxes on cannabis revenues, the state’s coffers are roughly now $50 million richer.
“March numbers continue to point to a strong likelihood that Nevada will close out the fiscal year this June with much more robust marijuana revenue collections than anticipated,” department executive director Bill Anderson said in a statement.
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As reporter Wade Tyler Millward wrote in the Las Vegas Review-Journal, “Move over sagebrush, Nevada may have a new state flower.” Indeed, Mr. Millward. Indeed. According to the Review-Journal story:
Total taxable sales for marijuana and marijuana-related goods for medical or recreational use is $385.99 million for the first nine months of the fiscal year.
The marijuana flower or bud accounted for half of all purchases by consumers, either for medical or recreational purpose. Concentrates accounted for a quarter of sales. Infused edibles accounted for 13 percent.
March’s record topped the previous record set just one month earlier in February. According to data from the state’s Department of Taxation:
- $18.5 million of the revenue came from the wholesale marijuana tax paid by cultivators of medical and recreational marijuana.
- $30.47 million came from the retail marijuana tax paid by consumers of recreational marijuana
- $10.2 million came from marijuana-related fees, penalties and assessments.
