Nevada Tops $1 Million In Cannabis Sales Per Day in First Six Months

Nevada reported a tax revenue totaling nearly $30 million from marijuana sales in the first six months since the state’s cannabis market opened for business back in July. That comes from roughly $1 million in sales per day, according to Patch Las Vegas. Local Reno news station KTVN-TN, meanwhile, reports that the current pace of pot sales in Nevada will leave the state’s budget flush with cash.

“I’m not so surprised,” Will Adler, the Director of the Sierra Cannabis Coalition, told the news station. “But I do think this shows that marijuana is fitting in quite well in Nevada as part of our economy, and is generating a lot of tax revenue for the rest of our state.”

Initially, the state had projected its marijuana industry to hit $50 million in the first year but, according to this latest report, that projection is more likely to be $60 million. According to KTVN, ten percent of the tax money raked in by marijuana sales will go to the state’s “rainy day” fund, while the 15 percent wholesale tax will go to the Department of Taxation and local jurisdictions. A big chunk of that cash will be going to education.

Reasons For Success

One of the main reasons for this quick success might be because Nevada was ahead of the game. The Silver State leapfrogged ahead of other weed-friendly states, such as California, Colorado, Maine and Massachusetts, six months before before the new year. As a result, Nevada was able to hit a tax revenue peak of almost $5.84 million this past October, according to Forbes.

Tourism has also likely played a prominent role in Nevada’s cannabis success. With over 40 million visitors hitting up places like Las Vegas every year, dispensaries have been a popular stop, along with casinos, restaurants, and other tourist-friendly spots. Patch reports that Nevada’s dispensaries sold nearly $2 million in weed products in 184 days. Moreover, the state has made it convenient for visitors to get rid of any extra weed that may have been purchased during their visit before leaving the state by installing pot “amnesty boxes” throughout the exteriors of McCarran International Airport, Henderson Executive Airport, and North Las Vegas Airport.

Proof Is In The Numbers

While Nevada does have undeniably distinct advantages in the marijuana market, it is hard to argue with the success. As a result, other states have taken notice, and want in on the marijuana legalization game. “The potential of legal cannabis to help balance the budget has been key to the legalization debate in Connecticut,” according to Forbes. “While state Governor Dannel Malloy has been an opponent to legalizing cannabis, he included the possibility of recreational legalization as an option to consider for balancing the budget.”

While sales saw a bit of a drop-off in November, Nevada’s marijuana revenues went up in December and trended upward from there. The Las Vegas Review-Journal reports that last month alone, Nevada saw around $5.8 million in cannabis taxes come in, with $3.6 million coming from recreational sales tax, and $2.2 million from wholesale tax extracted from cultivation.

“The fact that our revenue collections are coming in a little bit higher is a good thing,” Bill Anderson, the Director of the Nevada Department of Taxation, told KTVN.

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