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Nevada sets new monthly record for marijuana as sales top $41 million in March

Posted at 1:00 PM, May 23, 2018
and last updated 2018-05-23 15:00:56-04

NEVADA — The state of Nevada set a new record for adult-use marijuana sales in March of this year, bringing in more than $41 million for the month.

According to a statement from the Nevada Department of Taxation, sales for adult use marijuana came in just above $41 million for March, which helps lift total marijuana tax revenues for the first nine months of the fiscal year to $48.97 million.

“With three months still in the fiscal year, Nevada has already brought in about 97 percent of the combined marijuana tax revenue that was projected for the entire year,” the press release states.

With sales for March topping $41 million, that translates to $7.09 million in revenue for March. February is the second largest month for such revenues at $5.95 million while July was the slowest month at $3.68 million in revenue.

The total taxable sales of marijuana to date in Nevada amount to $304.73 million. The Department of Taxation indicates that flower/buds account for roughly 50 percent of sales while concentrates account for about 25 percent and edibles are at 13 percent.

The tax rate for wholesale marijuana in Nevada is 15 percent while the tax rate for retail marijuana is 10 percent.

Earlier this week, Fox 13 News compared alcohol sales revenues in Utah to marijuana sales revenues in Nevada, click here for details.