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Nevada marijuana tax earnings blows past 12-month forecasts

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< img class=" photograph" src=" https://photos.lasvegassun.com/media/img/photos/2018/06/28/AP_18107727067761_t653.jpg?214bc4f9d9bd7c08c7d0f6599bb3328710e01e7b" alt =" Image"

/ > John Locher/ AP In this July 1, 2017 file image, a customer purchases marijuana at the Essence cannabis dispensary in Las Vegas.

Tax revenue from marijuana sales in Nevada exceeded official projections for the very first year of leisure sales in just 10 months, inning accordance with brand-new figures released Thursday by the Nevada Department of Taxation.

Authorities said $6.55 million in state cannabis tax was raised in April, putting Nevada at $55.53 million in overall tax collections considering that leisure cannabis sales started on July 1, 2017. That goes beyond the initial 12-month forecast of $50.3 million through July 1, 2018.

” Both taxes that add to that total have substantially outperformed forecasts,” stated Bill Anderson, executive director of the Nevada Department of Tax.

The 15 percent wholesale tax– paid by cultivation and production centers that supply dispensaries– produced nearly $3 million in April.

The 10 percent excise tax brought in about $3.6 million. The excise tax, paid just on recreational pot, has actually raised $34 million this fiscal year.

Gov. Brian Sandoval’s workplace projected that the 2 taxes integrated would raise an average of $5 million a month from July 2017 to July 2019, an overall of $120 million.

Officials projected the first year of recreational sales would raise lesser amounts, with the final 6 months of 2019 ramping up to collect one of the most.

By law, income from the wholesale tax is designated to fund state and local government guideline of the market, and what’s left is deposited into the Distributive School Account. Income from the excise tax is deposited into the Nevada Rainy Day Fund.