Wednesday, May 23, 2018|1:09 p.m.
Tax income from cannabis sales in Nevada continues to climb up, setting a new high of more than $7 million in March, the ninth month of legal recreational pot sales, authorities stated today.
That’s up from the previous high of $5.95 million in February.
The revenue includes a 15 percent wholesale tax on medical and recreational cannabis and a 10 percent excise tax on leisure weed sales, the Nevada Department of Tax said.
“Revenues from both taxes continue to exceed regular monthly and annual projections, pointing to a strong likelihood that Nevada will close out the with far more robust marijuana profits collections than expected,” said Expense Anderson, the department’s executive director.
The 15 percent wholesale tax– paid by cultivation and production centers that provide dispensaries– generated nearly $3 million in March.
The 10 percent excise tax brought in a little more than $4 million. The excise tax, paid just on leisure pot, has raised $30.47 million this fiscal year.
Gov. Brian Sandoval’s workplace forecasted that the two taxes integrated would raise an average of $5 million a month from July 2017 to July 2019, a total of $120 million.
Officials projected the first year of leisure sales would raise considerably less than average, with the last 6 months of 2019 generating the most.
Almost 97 percent of the $50.32 million excise tax collections projected for July 1, 2017 to June 30 have actually been gathered during the first nine months of the fiscal year, Department of Tax spokeswoman Stephanie Klapstein stated.
By law, earnings from the wholesale tax is assigned to fund state and city government regulation of the market, and exactly what remains is transferred into the Distributive School Account. Income from the excise tax is deposited into the Nevada Rainy Day Fund.