Nevada Marijuana Sales: November's Numbers

NEVADA - For the second consecutive month, Nevada's marijuana industry generated over $5.5 million in tax revenue for the state, according to November totals reported by the Nevada Department of Taxation on Monday.

Wholesale retail and medical cannabis sales brought in $2,164,991 to Nevada from a 15 percent tax, and a 10 percent tax on adult-use cannabis brought in $3,341,076. The $5,506,067 in total tax revenue is the second highest monthly total since Nevada's recreational industry became legal July 1, 2017, behind October.

The November totals ($5.5 million) show the industry sustained most of the bump that brought in $1.1 million more in tax revenue from September ($4.7 million) to October ($5.8 million). The $300,000 dip that does exist is attributable to a decline in retail sales from the previous month. November retail sales were over $33. 4 million, but that was still more than $4 million less than the $37.8 million sold in October.

Expansion could be coming to the Nevada soon. Last week the Nevada Tax Commission approved permanent regulations for the industry. The regulations codify, among a list of things, supply limits and inspection guidelines for facilities, packaging requirements, advertising, and the tax laws. The regulations now must be signed off on by the Legislative Counsel before becoming law. If that happens, the Department of Taxation will being allowing new applications for cannabis facilities.

So far in the first year of fiscal sales, the state of Nevada has made over $24 million in five months of sales. Here are the monthly totals so far:

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

November

• 15% wholesale tax revenue: $2,164,991
• 10% retail tax revenue: $3,341,076
• Total tax revenue: $5,506,067
• Total sales: $33,410,760

Year to date

• 15% wholesale tax revenue: $8,640,285
• 10% retail tax revenue: $15,969,817
• Total tax revenue: $24,610,101
• Total sales: $159,698,170

Image via John Locher/Associated Press