- Associated Press - Thursday, September 28, 2017

RENO, Nev. (AP) - State tax officials say the first month of legal sales of recreational marijuana in Nevada brought in more than $3.5 million in tax revenue.

Nevada Tax Department spokeswoman Stephanie Klapstein (KLAPP’-steen) told The Associated Press Thursday they are “good numbers” consistent with projections pot sales will generate $120 million in state taxes over the next two years.

The combination of a 15 percent wholesale and 10 percent retail tax raised $3.68 million in July, the first month of Nevada’s fiscal year.

Some of that’s headed to the state’s rainy day fund. But the vast majority going forward is dedicated to schools.

Legal sales began July 1.

The $120 million biennial projection anticipates $5 million in monthly tax revenue. But Klapstein says state officials actually projected no revenue for July because of uncertainty surrounding licensing and local ordinances.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide