Carson City, Nevada- Nevada dispensaries experienced their biggest month of sales earlier this year.
According to the Department of Taxation, Nevada dispensaries sold over $41 million in recreational cannabis products in March. This is the highest number of recreational cannabis sales for a given month since the adult-use market came online in July in 2017.
In the first nine months of Nevada’s legal recreational market, the state has taken in almost $49 million in taxes. That figure is substantially ahead of analyst’s initial projections of $50.32 million for the fiscal year ending on June 30.
Nevada took in seven million dollars in taxes in March of this year. The collected tax numbers are rising quickly. February represented the previous record for cannabis taxes collected with $5.95 million.
“With three months still in the fiscal year, Nevada has already brought in about 97 percent of the combined marijuana tax revenue that was projected for the entire year,” said Bill Anderson, the director of the state Department of Taxation in a statement.
March numbers continue to point to a strong likelihood that Nevada will close out the fiscal year this June with much more robust marijuana revenue collections than anticipated,” he continued.
Since July of 2017, recreational sales have topped $304 million in Nevada. When combining that figure with medicinal sales, Nevada has generated almost $386 million in total cannabis sales.
The wholesales cannabis tax, paid by cultivators has accounted for $18.5 million of the total tax revenues collected by Nevada officials. The consumer tax has generated $30.47 million of the total tax figure. Cannabis-related fees and penalties have added an additional $10.2 million for state officials.
Unlike California, which has struggled out of the gate with its recreation cannabis program, Nevada has consistently outperformed financial analysts sales predictions despite a supply crunch in the first few months.
Including Nevada, there are a total of nine states that have legalized recreational cannabis use. Several more, including New Jersey and Michigan, could soon join the list.
