Nevada Marijuana Sales Reach 4-Month High In October

NEVADA - Money does in fact grow on trees. October marijuana sales in Nevada hit a record high in the brief four month history of legalized adult use. As a result, the state of Nevada saw a near 20 percent increase in tax revenue from the previous month.

Data released by the Nevada Department of Taxation on Tuesday shows that statewide retail sales for the month of October were $37,966,850, equaling nearly $3.8 million in tax revenue from a 10 percent excise tax on retail sales. Over $2 million was brought in through a 15 percent wholesale tax on marijuana, putting the total amount pocketed by the state for the month of October at $5,839,336.

The $5.8 million in October tax revenue exceeded that of September by $1.1 million, and surpassed the previous high in August of $4.8 million. To date since July, marijuana taxes have produced $19,104,034 for Nevada. Here's how sales break down month-by-month:

July

• 15% wholesale tax revenue: $974,060
• 10% retail tax revenue: $2,708,713
• Total tax revenue: $3, 682, 773
• Total sales: $27,087,130

August

• 15% wholesale tax revenue: $1,509,668
• 10% retail tax revenue: $3,351,973
• Total tax revenue: $4,861,641
• Total sales: $33,519,730

September

• 15% wholesale tax revenue: $1,948,914
• 10% retail tax revenue: $2771370
• Total tax revenue: $4,720,284
• Total sales: $27,713,700

October

• 15% wholesale tax revenue: $2,042,652
• 10% retail tax revenue: $3,796,685
• Total tax revenue: $5,839,336
• Total sales: $37,966,850

Year to date

• 15% wholesale tax revenue: $6,475,294
• 10% retail tax revenue: $12,628,741
• Total tax revenue: $19,104,034
• Total sales: $126,287,410

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