Sales of marijuana in November did drop slightly, but Nevada dispensaries still sold $33.4 million worth. The state earned over $5.5 million in tax revenue from those sales. Despite the $4.6 million in fewer sales than the month prior, November’s sales still come in $11 million more than projected.
Nevada has an excise retail tax of 10% on marijuana sales, according to Las Vegas Review-Journal. That tax earned the state $3.3 million in November. Since recreational marijuana sales began, retail excise taxes have earned the state $16 million.
Senator Segerblom voiced disappointment in the drop in sales. He is, however, pleased with the month-by-month increase of wholesale taxes collected. He sees it as a positive sign for growth in the new industry.
The cultivator wholesale tax is 15%. It generated $2.2 million in November, which is a $200,000 increase from November. The funds collected from this tax cover the regulatory costs while leftover funds are rendered to the state’s education budget.
Senator Segerblom said, “That’s growth. That tells me there’s more product being produced, which can ultimately lead to more sales.”