Nevada pot tax collections rise 77 percent in first quarter | nnbusinessview.com

Nevada pot tax collections rise 77 percent in first quarter

Geoff Dornan

Nevada Appeal

A view inside one of Tahoe Hydroponics grow rooms is seen in this file photo.

CARSON CITY, Nev. — Marijuana tax collections across the state of Nevada are up 77 percent for the first quarter of this fiscal year, officials reported last week.

Through September, which added $7.49 million in revenue, total collections were $23.48 million.

The wholesale marijuana tax generated nearly $11 million of that amount, more than double collections for the same period last year. The retail marijuana tax brought in $12.48 million.

Nevada Taxation Director Bill Anderson said the pot taxes have already generated more than a third of the total they were projected to raise in the entire fiscal year.

He said while collections are fluctuating from month to month, the overall trend is one of substantial growth over last year.

Taxable sales for both medical and adult recreational marijuana totaled $49.43 million in September and $146.7 million for the period spanning July, August and September.

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In August alone, Nevada’s marijuana taxes raked in $8.1 million, setting another monthly record.