Pot tax generates all-time monthly high
Nevada’s marijuana tax set a record in July, delivering $7.9 million to state coffers.
That’s nearly double the amount the taxes generated in the first month of collections, July 2017.
The total includes revenues from both the wholesale tax on medical and recreational marijuana and the adult use recreational pot tax. Some $3.8 million came from the wholesale marijuana tax. The retail recreational tax brought in $4.1 million.
Tax collections were just about $7.1 million in three prior months: March, May and June. But July’s total was a significant increase.
Taxation Director Bill Anderson said the total projected tax revenue for this fiscal year is $69.4 million. That, however, is about the same as the $69.8 million the tax brought in during fiscal 2018, a total well above initial projections.
The wholesale pot tax is 15 percent with the money delivered to the K-12 education budgets after expenses for administering the tax are accounted for. The retail tax is 10 percent, revenues from which go to the state’s Rainy Day Fund.