The Nevada Department of Taxation has released its latest report on the state’s recreational marijuana sales in 2018. The new figures show that the state has made $529.9 million in marijuana sales since January 2018. These sales represent 140% of what was initially expected in sales.
For fiscal year 2017 – 2018, the state’s total sales were $424.9 million, according to Fox 13 News. The state also generated $42.5 million in retail marijuana tax revenue and $27.3 million in wholesale marijuana tax revenue. The wholesale tax revenue is put toward education.
“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,” said Bill Anderson of the Department of Taxation. “We have not experienced any major hiccups or compliance issues, and our enforcement staff has worked diligently to make sure these businesses understand and comply with the laws and regulations that govern them.”
Each new report released by Nevada regulators shows continuing growth and repeated instances of exceeding sales projections.
“As we move into fiscal year 2019, we expect to see continued growth in the industry by way of additional businesses opening up, and we expect revenues to continue to be strong,” Anderson said. “The state’s consensus forecast for fiscal year 2019 combined marijuana tax revenue is $69.4 million.”