Look out, Washington and Colorado: There may be a new American cannabis king. New data released by the Nevada Department of Taxation indicates that Nevada more than doubled both Colorado and Washington’s first month of adult-use cannabis sales.
Nevada recorded just over $27 million in cannabis sales in July, the state’s first month of business, which generated $3.68 million in tax revenue.
The Department of Taxation also reported that license and application fees paid by cannabis businesses have, to date, generated $6.5 million in state revenue.
That revenue, along with a 15% excise tax on wholesale cannabis sales, goes to public schools, after administrative costs are taken out.
The state also realized $2.71 million from a 10% retail cannabis tax. That revenue goes into a “rainy day fund” which is expected to generate around $63.5 million in the next two years.
Washington State’s first month and a half of cannabis sales totaled just under $3.5 million dollars, due to restricted supply. The state didn’t hit at least $27 million in a single month until the 10th month of recreational cannabis sales.
Colorado recorded $14,368,620 in its first month of adult-use cannabis sales back in January 2014.