Red-hot Nevada cannabis market exceeds half-billion dollars for fiscal year

Nevada cannabis market, Red-hot Nevada cannabis market exceeds half-billion dollars for fiscal year

Nevada’s cannabis industry continues to sizzle, with revenue in the fiscal year ending June 30 totaling $529.9 million overall, including $424.9 million for recreational alone, state officials reported Tuesday.

According to the state, marijuana tax revenue for the first full year of adult-use sales totaled $69.8 million – about 140% of expectations – with the last four months of the fiscal year particularly robust.

“Nevada’s first year with a legal adult-use market has not only exceeded revenue expectations but proven to be a largely successful one from a regulatory standpoint,” Bill Anderson, executive director of the Nevada Department of Taxation, said in a news release.

Anderson asserted that the state didn’t experience any “major hiccups or compliance issues” despite the program’s early start in July 2017.

The figures are in line with those in the Marijuana Business Factbook 2018, which projects recreational sales will reach $500 million-$600 million in calendar year 2018.

Anderson predicted continued strong growth in the year ahead. Perhaps the only question is when Nevada’s rec sales might potentially hit a ceiling.

At the end of June, 64 MMJ dispensaries were open and 61 of those were licensed to also sell adult-use marijuana.

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3 comments on “Red-hot Nevada cannabis market exceeds half-billion dollars for fiscal year
  1. Curt James on

    Compare Nevada’s Live-and-Let-Live mentality and its better than expected tax revenues and California’s Womb-to-Tomb Big Government over regulation and its below expectation tax collection and it is easy to realize the government that governs least governs best.

  2. DJF on

    Rapid deployment like this with success is actually very refreshing to watch. Sounds like NV should be consulting other states on how to create a program that is exceeding expectations. Mass, I am looking at you for rec, same to you CA and OR.

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