In an interview with the Cannabist, Nevada Department of Taxation head Deonne Contine disclosed the state had sold more than $33 million during its second month of adult-use sales – representing a 24 percent spike from the 27.1 million in sales in July.
The revenues equate to $3.35 million in tax revenues derived from the recreational market and a combined $4.8 million when including medical cannabis sales. By comparison, Colorado recreational sales reached $15 million during its second month.
Andrew Jolley, owner of The+Source, which operates two dispensaries in Las Vegas and Henderson, called recreational sales a “game-changer” for the company, adding that their Las Vegas location saw a “four times increase in the number of customers overnight, and it pretty much stayed that way.”
“Like Colorado, we saw an immediate demand from locals on July 1,” he said in the report. “I think you’re seeing the dispensaries (that) cater to tourists increase rapidly in the past three months as tourists understand that retail sales are allowed in Nevada.”
Over the next two years, Nevada officials expect retail cannabis sales to generate $119.5 million in revenues, the state imposes a 15 percent wholesale tax on product transfers from cultivator to distributor and a 10 percent excise tax on sales. Nevada’s first-month sales outpaced Colorado, Oregon, and Washington.
Opinions expressed the above syndicated article by TG Branfalt are for informational purposes only and not necessarily the opinion of Herban Medical Options.
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