The legal sales of medical and recreational cannabis in Nevada have brought in more than $3.6 million in tax revenue for the first month of legalization, state tax officials announced.
Nevada dispensaries have generated more than $27 million in sales during the first month, which is nearly double than what’s been reported in other states like Colorado and Oregon.
Legal sales in Nevada began on July 1 and the state has granted more than 250 recreational cannabis licenses since then. The reported tax revenue came from a 15 percent wholesale to cultivators and 10 percent retail tax on recreational marijuana, which goes to the state’s ‘rainy day’ fund.
Nevada’s market is expected to grow further and the Department of Taxation projects cannabis sales to generate $120 million in taxes over the next two years.