New numbers from Nevada’s Department of Taxation show the Silver State has made a jaw-dropping 110% of its expected revenue from marijuana sales in 10 months.
“April marks a significant milestone for the state, as tax revenues from marijuana hit—and exceeded—the amount that was projected for the entire fiscal year, with two months of collections still to go,” said Bill Anderson, the Executive Director of Nevada’s Department of Taxation, in a prepared statement.
Nevada reported marijuana tax revenues through April total $55.53 million. Breaking it down, the wholesale tax paid for by cultivators, brought in $21.47 million as of the end of April. The recreational retail consumer tax brought in $34.6 million.
Total combined taxable sales for medical marijuana, adult-use marijuana, and marijuana-related tangible goods for the first ten months of the fiscal year is $433.51 million, the department said.
Ever since Nevada began recreational marijuana sales last year, Utahns have quietly slipped across the border to purchase it. Mesquite, Nev., has the closest dispensary. West Wendover has flirted with the idea, but has not voted to move forward with recreational cannabis sales.
A ballot initiative will go before voters in Utah on whether to allow medical marijuana.