State tax revenue from pot sales exceeded projections last fiscal year by 140%
CARSON CITY, Nev. (AP) — Nevada kicked off the first month of the new fiscal year with its biggest monthly marijuana sales since the state legalized pot for recreational use on July 1, 2017.
The Nevada Tax Department said Tuesday the $7.9 million in marijuana tax revenue in July was 11 percent higher than Fiscal Year 2018’s three best months — March, May and June of 2018 — all at about $7.1 million.
It was a 92 percent gain from the inaugural month of sales in July 2017, $4.1 million.
State tax revenue from pot sales exceeded projections last fiscal year by 140 percent, a total of $69.8 million.
For fiscal year 2019 ending next June 30, the department officially anticipates $69.4 million in revenue. But officials say that projection made in 2017 hasn’t been adjusted to reflect last year’s actual collections.