Marijuana Law, Policy & Reform

Editor: Douglas A. Berman
Moritz College of Law

Friday, September 29, 2017

"Nevada has massive first month of marijuana sales"

Nevada-marijuana-billThe title of this post is the headline of this local article reporting that "Nevada dispensaries raked in more than $27 million during the first month of recreational marijuana sales, generating more than $3.6 million in taxes, according to figures released Thursday by the Nevada Department of Taxation."  Here is more:

How does that stack up against the other states with legal marijuana?  It’s nearly double. Colorado and Oregon each sold about $14 million in marijuana during their respective first months of sales.  Washington sold $3.8 million in its first month.

“We came out of the gate like a shotgun,” said Matt Morgan, CEO of Reef Dispensaries.  Morgan said that, even three months into recreational sales, Reef’s dispensary located behind the Fashion Show Mall has a line inside the store at nearly all times and outside about 40 percent of the time.

Nevada’s market will only grow, he said. “I still don’t think everyone understands that it’s recreational in Nevada yet,” Morgan said.

For Nevada, $2.7 million in tax revenue came from the 10 percent special excise tax on recreational marijuana, all of which is destined for the state’s rainy day fund.  That falls right in line with Nevada’s marijuana sales estimates even though there were no state projections for July because of uncertainty about when stores would begin sales. State officials have projected that special sales tax will generate $63.5 million over the first two years of sales....

Tax Department spokeswoman Stephanie Klapstein said the state expects that excise tax to grow over the next two years as more cultivators get licensed and begin to operate.  The state has also pulled in $6.5 million for marijuana license and application fees.  Those revenues will be used to cover the administrative costs to regulate the industry for the Tax Department and local governments, and all remaining funds go to the state’s public education fund.

Recreational sales started on July 1, and the state has issued 250 recreational marijuana licenses thus far, 53 of those to dispensaries.

http://lawprofessors.typepad.com/marijuana_law/2017/09/nevada-has-massive-first-month-of-marijuana-sales.html

Recreational Marijuana Data and Research, Recreational Marijuana State Laws and Reforms, Taxation information and issues | Permalink

Comments

I have proposed that 5% of tax collections from any new regulations or laws go into research on its effects, and on unintended consequences. No doubt, the earnings far exceed $27 million as the local economies feel a positive effect.

Posted by: David Behar | Sep 30, 2017 8:07:57 PM

cannabis has wide ranging positive effects
including with brain diseases [eg, epilepsy]
based on our endocannabinoid brain system,
together with now known brain palsticity..
this goes way beyond nice mood etc,effects..
brain science is beyond rejection by those
who simply dont know or dont want to know..
with correct doseage, cannabis can perform
what once seemed to be miracles..
sure argue the billions of $, but dont forget
cannabis actual beneficial effects..
if you didnt, want people to know, you would
classify cannabis as for heroin, strychnine etc,
ie, preventing genuine research findings..
in all drugs - doseage - is everything..
judging cannabis on overdosing is like
judging alcohol on drinking a bottle of whiskey..
research will disclose doseage rates..
thus the corrupt fear research..


Posted by: carl vagg | Oct 3, 2017 11:37:12 PM

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