It has been just over six months since Nevada began selling legal recreational cannabis, and sales continue to surpass the Silver State’s projections.
Nevada dispensaries sold $33.4 million worth of cannabis in November, raking in $5.5 million in taxes, as reported by the Las Vegas Review Journal. And while the Nevada Department of Taxation’s data shows a drop from October’s sales, November’s sales still surpassed the state’s projections by $11 million.
The Silver State imposes a 10% excise tax on recreational cannabis and a 15% wholesale tax on both medical and recreational cannabis, which are the engines behind the cannabis program’s tax revenue.
In November, the excise tax generated more than $3.3 million, slightly less than what was generated in October, but the wholesale tax brought in $2.2 million, slightly topping October’s total.
“That’s growth,” Sen. Tick Segerblom said.
While Segerblom was disappointed that November sales did not beat October, he noted that the increase in revenue generated by the wholesale tax was a good sign for the state’s budding industry.
“That tells me there’s more product being produced, which can ultimately lead to more sales,” Segerblom said.