Tax proceeds from legal marijuana sales in Nevada topped $7 million in September, falling just short of the single-month record set in August, officials announced today.
The industry brought in more than $7.49 million in September, which includes a 15 percent wholesale tax on medical and recreational pot and a 10 percent excise tax on recreational weed sales, the Nevada Department of Taxation reported.
That’s down from $8.1 million in August and $7.9 million in July, but more than the $7.12 million collected in June.
“We’re seeing some small up and down fluctuations in revenue from month to month, but the overall trend is one of substantial growth over last year,” said Bill Anderson, the department’s executive director.
The state collected $3.34 million from the wholesale tax paid by cultivation and production facilities and just over $4.15 million from the excise tax.
The governor’s office projected an average of $5 million a month would be raised from the two tax sources from July 2017 to July 2019, resulting in a total collection of $120 million.
The industry shattered tax projections in the first fiscal year of sales, raising 140 percent of projected collections, Anderson said. Through the first quarter of fiscal 2019, collections are double the same period the previous year, he said.
Under Nevada law, revenue from the wholesale tax is allocated to fund state and local government regulation of the industry. Anything left is deposited into the Distributive School Account. Revenue from the excise tax goes to the Nevada Rainy Day Fund.