Nevada marijuana sales are going through the roof! In fact, the state’s legal marijuana market is proving to be a dominating arm of the national cannabis trade.
So what are these exact figures? What has everyone so floored?
The numbers are in from Nevada’s Department of Taxation.
According to the latest statistics, dispensaries in the Silver State sold in upwards of $33 million during the month of August. This number includes both medical and recreational marijuana. That’s about $6 million more than the state’s first month of recreational sales.
During that month, it raked in a record-breaking $27 million. It’s even more than the states of Colorado, Washington and Oregon collected during their first month.
This means that the Department of Taxation was able to deposit a substantial amount into Nevada’s “rainy day account.” Around $5 million in tax revenue from the sale of recreational marijuana if you want to put a number on it.
For those of you unfamiliar with the term, a “rainy day fund” is a fund set up to pay for emergencies. The government, however, will use some of the money to help schools, as the state originally planned.
Here’s something that makes these figures even more impressive. None of the tax revenue is generated from the medical marijuana sector.
So basically, Nevada marijuana sales prove helpful to the state and the well-being of the residents.
Follow The Money
Governor Brian Sandoval may have underestimated things. He predicted early on that the state would generate $100 million in taxes and fees over the next two years. But let’s consider how the state’s pot market looks coming out of the gate.
State officials now expect a much bigger number. They’re reportedly gearing up to see closer to $120 million.
“I think it is a good indication that there was a large, pent-up demand that was being served by the black market,” Andrew Jolley, president of the Nevada Dispensary Association, told the Las Vegas Review-Journal.
In just two months, Nevada has shown signs of becoming one of the largest legal marijuana markets in the nation.
The latest figures for August show the state outpaced Colorado by more than double during its second month of operation. This, in turn, is almost seven times more than Washington.
Still, we’re waiting to see how the state will hold up against California—especially when the latter launches its recreational sector early next year.
A recent study from the University of California Agricultural Issues Center suggests the Golden State’s legal marijuana market could be worth $5 billion.
Final Hit: Nevada Marijuana Sales Continue to Soar
Senator Tick Segerblom, one of the key legislative forces pushing marijuana reform laws in Nevada, told reporters that he was concerned at first that the recreational marijuana sales would begin to decline after experiencing such an impressively bang-up month in July. However, he now believes the overall demand is simply finding its footing in the newly legal environment. He doesn’t expect the state to see any kind of leveling off for another two years.