- The Washington Times - Wednesday, July 5, 2017

The state of Nevada stands to make about a million dollars in tax revenue from just the first few days of retail marijuana sales, according to preliminary sales figures announced Wednesday by the Nevada Dispensary Association.

Nevadans voted last November to legalize marijuana, and state regulators had authorized a total of 44 dispensaries to sell recreational pot by the time the law took effect at 12:01 a.m. on Saturday, July 1.

“Based on our sales and my conversations with other businesses, I believe there were at least three to five million dollars in sales over the weekend,” dispensary association director Riana Durrett said Wednesday. “This aligns with our projected 30 million dollars in sales over the next six months.”

“We had a higher demand than everybody initially thought,” she told the Las Vegas Sun. “It shows this market really exists.”

Marijuana levies differ slightly across the state depending on local regulations, but recreational sales are typically taxed at between 33 and 38 percent, The Las Vegas Sun reported, suggesting state and local governments stand to collect about $1 million from the inaugural weekend of legal marijuana sales.

“[W]e expect the high demand to continue across the next several weeks, and we couldn’t be happier that we helped to create the legal tax-paying market in this state,” added Andrew Jolley, the dispensary association’s president.

Nevada officials previously said they hope retail sales will earn the state $60 million in tax revenue within the first two years of legalization. Colorado became the first state to legalize retail sales starting in 2014 and made about $200 million in tax revenue last year thanks to roughly $1.3 billion in recreational sales.

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