Marijuana tax collections leading $7 million in September

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Steve Marcus Edibles are shown throughout the grand opening of a MedMen marijuana dispensary, 823 S. 3rd St., in downtown Las Vegas Wednesday, July 18, 2018.

Wednesday, Nov. 28, 2018|2:08 p.m.

Tax proceeds from legal marijuana sales in Nevada topped $7 million in September, falling just short of the single-month record embeded in August, officials announced today.

The industry brought in more than $7.49 million in September, which includes a 15 percent wholesale tax on medical and recreational pot and a 10 percent excise tax on leisure weed sales, the Nevada Department of Taxation reported.

That’s down from $8.1 million in August and $7.9 million in July, but more than the $7.12 million gathered in June.

“We’re seeing some little up and down variations in revenue from month to month, however the general trend is one of substantial growth over last year,” stated Costs Anderson, the department’s executive director.

The state gathered $3.34 million from the wholesale tax paid by growing and production facilities and just over $4.15 million from the excise tax.

The guv’s office forecasted approximately $5 million a month would be raised from the 2 tax sources from July 2017 to July 2019, leading to an overall collection of $120 million.

The market shattered tax projections in the very first fiscal year of sales, raising 140 percent of predicted collections, Anderson said. Through the very first quarter of financial 2019, collections are double the very same duration the previous year, he stated.

Under Nevada law, profits from the wholesale tax is allocated to fund state and local government policy of the industry. Anything left is deposited into the Distributive School Account. Income from the excise tax goes to the Nevada Rainy Day Fund.

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