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Nevada Cannabis Sales Top $27M in First Month

Nevada Cannabis Sales Top $27M in First MonthNevada dispensaries generated revenue of $27 million in July, the state’s first month of sales.  This is twice what Colorado and Oregon banked in their first months, and seven times that of Washington.

The state collected $10 million during the month from fees and taxes. About $3.7 million of this came from taxes—which will be recurrent. The $6.3 million in fees is likely to be one-time revenue. Industry observers speculate that some Nevada sales may come from California shoppers. This Nevada revenue will likely go to California after it begins its recreational cannabis sales, which is expected in July 2018.

Nevada voters passed a ballot measure last November legalizing recreational cannabis. Adults over 21 can have one ounce of cannabis and eight-ounces of concentrate.

Governor Brian Sandoval projects that Nevada will collect roughly $100 million over the next two years from fees and taxes.  

There is a 10% sales tax, collected from retail customers, and 15% wholesale tax, collected from cultivators. Because the cost of any wholesale tax is passed on to retail customers in the price of a product, this in effect means there is a 25% tax on cannabis paid by the final user.

Money collected by the state goes into the state government’s rainy day fund which can be used for any purposes. Some will be spent on schools.

The state received 333 license applications which carry a $5,000 fee. The state has awarded 250 licenses, which carry an additional fee of $10,000 to $30,000. There are 53 retail stores, 92 cultivations facilities, 65 manufacturing plants, 9 testing labs and 31 distributors. Of the 250 licenses granted, 203 are in Clark County.

Source Reno Gazette Journal

Nevada Cannabis Sales Top $27M in First Month

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