Nevada marijuana tax revenues hit new high mark in October

Nevada marijuana tax revenues hit new high mark in October

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LAS VEGAS (AP) — Nevada collected a monthly record of nearly $9.8 million in marijuana taxes in October, state officials reported.

State Department of Taxation figures reported Monday by the Las Vegas Sun represented an increase of more than $1 million in recreational and medical cannabis tax revenues from September, and a jump of close to $1.6 million from October 2018.

The tax department regulates the state marijuana market. Recreational sales began in Nevada in July 2017.

Through the first four months of the 2020 fiscal year, the state has collected $36.7 million in marijuana taxes. That’s an increase of nearly 16% from the same period in the 2019 fiscal year. Nevada reaped nearly $99.2 million in taxes from the marijuana industry during the 12 months ended last June 30.

The October collection total was aided by a strong month of sales in Las Vegas and Clark County, which registered a total taxable sales revenue figure of $50.7 million.

That was up from $46.8 million for September.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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