Nevada sells $27 million weed in first month
Posted by Sagar Satapathy on October 02, 2017.
The one-month old recreational marijuana market in Nevada has sold over $27 million worth of pot in the first month itself. The weed sales in the newly legalized cannabis dispensaries have upped the tax revenue of the State by over $3.6 million.
According to the report of Department of Taxation in Nevada, the State’s few dozen recreational marijuana dispensaries have sold marijuana worth 27.1 in the month of July. The numbers are in tune with the State’s projected earning which aims to reap $120 million marijuana-related tax revenue over the next two years.
The tax figures of July takes into account funds reaped through two separate taxes: a 10 percent retail sales tax and a 15 percent wholesale tax.
Nevada had recently approved the setting up of recreational marijuana dispensaries, becoming the fifth state to legalize pot. It has however, crossed all the five states to register the top spot for inaugural sales figures. The other states which has legalized recreational marijuana include Colorado, Washington state, Oregon and Alaska.
While Colorado shops sold around $14 million recreational marijuana during its opening month in January, 2014, Oregon sales showed similar figures in October 2015. Washington’s inaugural sales in July 2014 amounted to a mere $3.8 million while Alaska’s dispensaries made less than $1 million during its first month of sales in October 20.
The recreational marijuana sales was legalized in Nevada last November and the law was put into effect on July 1. A total of 44 dispensaries were permitted to set up recreational pot shops in the State. After licensing nine other dispensaries, Nevada currently has a total of 53 licensed pot shops in the State.
Similarly, last year, the voters in California, Massachusetts and Maine had opted for legalization of recreational cannabis.The legal pot shops in the three States are expected to open next year.comments powered by Disqus