The Nevada Department of Taxation last month reported that the state had already brought in 110 percent of expected revenue for the year — two months before the year was set to expire. The state, home to approximately 3 million people, draws crowds from around the world with their shows, lights, gambling and now recreational cannabis, which all greatly factor into the numbers.
One might assume that the majority of the 10-month’s worth of revenue equalling $55.53 million would come from sales, but cultivators have clocked in with an impressive $21.47 million up to the most current data.
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In order to highlight the market trends of the last fiscal year, the department calculated that total taxable sales in Nevada are up $1.96 billion from the same time period last year. During that same time, cannabis sales went up to $338.38 million, meaning that the state has experienced over 17 percent growth in their taxable sales base since the launch of their legalization program.
Once the revenues for May and June of this year are in, we’ll know just how far the numbers have gone for the entire fiscal year and they’re sure to be exciting figures. With growth like this it paves a path toward more states getting on board with cannabis medical and recreational legalization, which is a win for proponents of marijuana everywhere.
The department’s report has a lot of impressive charts that show the data in a visual way that reveals that not only are sales and revenue surpassing predictions, they’re growing greatly by the month. You can easily watch the market soaring with their clear graphs and pie charts.
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They also have a section of highlights of the fiscal year thus far, and they’re delicious morsels of anti-prohibition proofs, such as:
- “Total taxable sales of adult-use marijuana to date is $340.57 million”
- “Total combined taxable sales for medical marijuana, adult-use marijuana, and marijuana-related tangible goods for the first ten months of the
fiscal year is $433.51 million”
- “The Wholesale Marijuana Tax rate is 15 percent; the revenues from this tax, along with fees/penalties/assessments, first go to fund the Department’s costs of administering the marijuana program, $5 million per fiscal year goes to local governments, and the remainder goes to the state Distributive School Account”
It will be beyond interesting to see what the next fiscal year brings for the Silver State. One thing’s a safe bet: Nevada’s model of recreational legalization is likely to be picked up by other entrepreneurial states as well, while the U.S. map continues to turn green.