Nevada recreational marijuana sales set record in October, hitting nearly $38M

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Medible review nevada recreational marijuana sales set record in october hitting nearly 38m

Nevada’s young recreational marijuana market remains red hot, showing few signs of slowing since launching in July.

Sales of recreational marijuana accelerated in October, hitting a record $37.9 million – up notably from the $27.7 million recorded in September, the Las Vegas Review-Journal reported.

Under Nevada’s “early start” program, licensed medical marijuana dispensaries were allowed to begin selling adult-use cannabis in July while regulators worked through the recreational licensing process.

The initial pace of sales exceeded early totals in other adult-use markets. In July and August alone dispensaries rang up $60 million in sales.

According to the Review-Journal, rec and medical sales generated $5.8 million in tax revenue for state coffers in October. That was about $1 million more than in August, which marked the state’s previous largest tax haul.

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“We are pretty on target with projections, maybe a little over,” Nevada Department of Taxation spokeswoman Stephanie Klapstein told the Review-Journal.

https://mjbizdaily.com/nevada-recreational-marijuana-sales-set-record-october-hitting-nearly-38m/

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