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.
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.