Nevada collects $69.8M in marijuana tax, exceeding expectations
With June’s marijuana revenue figures now on the books, Nevada closed out the first full year of adult-use sales with marijuana tax collections totaling $69.8 million for the fiscal year—about 140 percent of what the state expected to bring in.
The last four months of the fiscal year proved to be the most robust months for marijuana tax revenue, with each month’s totals topping $6.5 million. At the end of June, there were 64 medical marijuana dispensaries open in Nevada, with 61 of those licensed to also sell adult-use marijuana. For the fiscal year, these state-licensed dispensaries and retail stores saw total taxable sales—which includes adult-use marijuana, medical marijuana, and marijuana-related tangible goods— of $529.9 million.
Adult-use marijuana sales totaled $424.9 million for the year, generating $42.5 million in tax collections through the 10 percent Retail Marijuana Tax. The 15 percent Wholesale Marijuana Tax brought in close to $27.3 million for the fiscal year. Revenues from the wholesale tax, along with application and licensing fees, go primarily to education in Nevada, via the state Distributive School Account.
With the closing of the fiscal year, the Department of Taxation transferred a total of $27.5 million to that education account. All revenues from the Retail Marijuana Tax have been distributed to the state’s Rainy Day Fund.
Nevada’s first year with a legal adult-use market has not only exceeded revenue expectations, but proven to be a largely successful one from a regulatory standpoint.
The state’s consensus forecast for fiscal year 2019 combined marijuana tax revenue is $69.4 million.
Original Article by: 420intel