Nevada’s First Recreational Marijuana Sales Generate $500,000 In Tax Revenue

CBS Local — Nevada’s first four days of legal recreational marijuana sales produced $3 million in sales revenue and about $500,000 in tax revenue, according to the Nevada Dispensary Association.

These figures put the Silver State on track to generate an estimated $30 million in recreational marijuana sales revenue throughout the next six months, according to the association.

The estimate was made by monitoring a period beginning with Saturday’s first day of recreational marijuana sales and ending on Tuesday, July 4.

Depending on local regulations, Nevada’s tax rate for recreational pot ranges between 33 and 38 percent, with all state and local taxes included.

Thousands of shoppers waited in lines as long as three hours at marijuana dispensaries over the weekend for their first chance to legally purchase pot in Nevada.

“We had a higher demand than everybody initially thought,” Nevada Dispensary Association Director Riana Durrett told The Las Vegas Sun. “It shows this market really exists.”

During the November election, Nevada residents voted to pass Ballot Question No. 2, which legalized the use and possession of up to 1 ounce of marijuana flower or up to one-eighth ounce of concentrates. Law allowing sales of the plant at medically licensed dispensaries was completed in late May.

California, Massachusetts and Maine also voted to legalize recreational marijuana in November. Recreational pot sales were previously legalized in Colorado, Oregon and Washington state.

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