Nevada took a chance on recreational cannabis this summer, and it looks like the payout is huge. In its first month of adult-use sales, Nevada raked in nearly $3.68 million in cannabis tax revenue.
According to the Reno Gazette-Journal, dispensaries throughout the state sold $27.1 million worth of cannabis in July alone, surpassing first month state sales for Colorado, Oregon and Washington.
Nevada’s Department of Taxation reported that the state generated $10.2 million off July’s sales. While $6.5 million was raked in by industry fees, the rest was brought in by both retail and wholesale cannabis tax revenue.
The state currently applies a 15% wholesale tax and then a 10% tax on retail sales. The revenue from both wholesale taxes and industry fees goes to Nevada schools after administrative expenses are withheld.
Though Gov. Brian Sandoval previously estimated that the state could bring in $100 million in taxes and fees over the course of two years, the Department of Taxation has upped that figure. Stephanie Klapstein, a spokeswoman for the department, projected that the state will likely generate approximately $120 million during the next two years.