Nevada collects $9.8 million in taxes from cannabis sales

A state-best $9.8 million in marijuana tax revenue was collected by Nevada in October, according to the Nevada Department of Taxation, which regulates the industry.

The total, the largest since recreational sales began legal in July 2017, represents an increase of more than $1 million from September and a jump of close to $1.6 million from the October 2018.

The state collects on a 15% wholesale cultivation and production tax, along with a 10% excise tax on retail sales.

“The cannabis industry appreciates its role as a source of tax revenue for the state and will continue to work with regulators to ensure that revenue does not see dips as it has in other states,” said Riana Durrett, executive director of the Nevada Dispensary Association. “Some states have seen significant revenue drops due to over-licensing and competition with the illegal market.”

Through the first third of the 2020 fiscal year, the state has collected $36.7 million in marijuana taxes, an increase of nearly 16% from the same four months of the 2019 fiscal year.

The October collection total was aided by a strong month for sales in Clark County, which registered a total taxable sales revenue figure of $50.7 million.

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