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

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

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.