John Locher/ AP People wait in line at the Essence cannabis dispensary in Las Vegas, Saturday, July 1, 2017, as recreational sales of marijuana start.
Monday, Oct. 23, 2017|5:30 p.m.
Nevada tax authorities state the 2nd month of legal sales of leisure cannabis generated simply under $5 million in tax revenue, up from $3.7 million in its very first month.
Nevada Tax Department spokeswoman Stephanie Klapstein stated the numbers are on pace to meet the state’s expectation of $120 million in state taxes over the next two years.
A 15 percent tax on wholesale circulation from farmers to dispensaries and 10 percent tax on leisure cannabis sales raised $4.86 million in August, up from 3.68 million in July. That cash goes to the state’s rainy day fund.
The $120 million biennial projection projects $5 million in regular monthly tax income. Klapstein states officials projected no earnings for July since of unpredictability surrounding licensing, distribution and regional ordinances.
State Sen. Tick Segerblom, who promoted legislation establishing the structure for Nevada’s leisure marijuana market in this year’s Legislature, called Thursday’s numbers “an excellent start,” including that tax revenue surpassing state forecasts was “an advantage” for public schools.
Ruined by among the greatest deficit spending in its 60-year history, the Clark County School District– the 5th biggest in the United States– has actually revealed it will be cutting up to $80 million this school year, primarily through teacher and administrator layoffs.
Segerblom said he expects monthly tax earnings to double by the very first six months of 2019, and is thinking about pushing for an unique legal session before then to assign additional marijuana tax income to the state’s debt-ridden schools.
“The tax numbers are going to keep growing,” he said. “There’s a lot more where this came from.”