Nevada retailers sell over $195M worth of recreational cannabis in first six months

Medible review nevada retailers sell over 195m worth of recreational cannabis in first six months
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Since starting recreational marijuana sales six months ago, Nevada retailers have sold more than $195 million worth of cannabis, or more than $1 million a day.

Based on those numbers, Patch Las Vegas reported, the Silver State is on pace to exceed $400 million in sales for its first year.

Medible review nevada retailers sell over 195m worth of recreational cannabis in first six monthsThe quick success for the Silver State’s recreational cannabis industry was likely boosted by:

  • Nevada’s “early start” for rec sales last July while regulators work to finalize permanent rules for adult-use businesses. The initial pace of sales exceeded early totals in other adult-use markets.
  • The 40 million-plus visitors who visit Las Vegas each year.

The Nevada Department of Taxation reported that the adult-use cannabis industry generated more than $30 million in tax revenue during the first six months of sales.

For example, according to Patch, the state’s 15% tax on wholesale retail and medical marijuana – from producer/processors to retailers – generated more than $2 million in tax revenue in December.

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An additional $3.5 million was generated by a 10% retail tax on the nearly $36 million of cannabis sold that month.

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