Nevada sees record level of tax revenue from marijuana sales
The Nevada Department of Taxation took in $9.8 million in October
Nevada marijuana tax revenue collection in October was the largest since legal recreational sales began in 2017, state officials said.
The Nevada Department of Taxation took in $9.8 million, an increase of nearly $1.6 million from October 2018, The Las Vegas Sun reported Monday.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The revenue was more than $1 million higher than the amount collected in September, officials said.
The state collects a 15 percent wholesale cultivation and production tax and a 10 percent excise tax on retail marijuana sales.
COLORADO'S MARIJUANA REVENUE SURPASSES $1B
The state has collected $36.7 million in marijuana taxes through the first third of the 2020 fiscal year, an increase of nearly 16 percent from the same four months of the 2019 fiscal year, officials said.
CLICK HERE TO READ MORE ON FOX BUSINESS
The October collection was aided by a strong month for sales in Clark County, which registered taxable sales revenue of $50.7 million. That was an increase from $46.8 million for September, officials said.