Nevada Pot Sales Bring Millions To The State

As far as Nevada is concerned, July was a month filled with green. In more ways than one. It was the first month that recreational marijuana sales were legal in the state.

The Nevada Department of Taxation released numbers for July and the state took in $3.68 million in tax revenue from the sales of medical and recreational marijuana.

The state has two separate taxes: a 15 percent whole tax, which brought in $974,060 and a 10 percent retail tax, which brought in$2.71 million.

The state estimates that the wholesale tax will bring in $56.2 million over the next two years while over the same period the retail is expected to being in $63.5 million over the same period. (For more information on this and other Las Vegas stories, subscribe to Patch to receive daily newsletters and breaking news alerts. If you have an iPhone, click here to get the free Patch iPhone app.)

The department said that the state also received $6.5 million in revenue from license and application fees paid by businesses getting licenses to operate adult-use marijuana establishments.

The taxation department has received 333 applications for adult-marijuana establishment licenses and has issued
250 licenses, including 53 retail stores, 92 cultivation facilities, 65 product manufacturing facilities, 9 testing labs, and 31 distributors.

Of those 250 licenses issued, 203 are located in Clark County with the remaining distributed in Carson City and Nye and Washoe Counties.

The application fee is $5,000 and license fees range from $10,000 to $30,000.

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