March Marijuana Sales Top $41M In Nevada

0
218
Photo Credit: Getty Images

Sales for recreational marijuana topped $41 million in March, setting a new record, according to the Nevada Department of Taxation.

“This is kind of the beginning of our season,” assistant manager of Las Vegas Releaf Kyle Howard said. “It’s the kick off for our Vegas summer season.”

March sales helped push total marijuana tax revenues to $48.97 million through the first nine months of the fiscal year. Nevada has brought in about 97 percent of the combined marijuana tax revenue that was projected for the entire year, the department said.

Armen Yemenidjian of Essence Dispensary said recreational sales reached new heights in March in part due to a busy tourism season in Las Vegas.

“You have to look at the conventions that were in March and March madness which brings a tremendous amount of traffic and people,” Yemenidjian said.

Millions of people also came into town for events like St. Patrick’s Day, Spring Break, and NASCAR Weekend.

According to the Las Vegas Convention and Visitors Authority, March is the busiest month of 2018, according to the available numbers. About 3.7 million visitors came to the city.

The Wholesale Marijuana Tax contributed $18.5 million total so far for the fiscal year, the department said. The tax is paid by cultivators of both medical and recreational marijuana.

Retail marijuana tax, which is paid by recreational users contributed $30.47 million for the fiscal year so far, the department said. The tax exceeded its individual projection for the year by $3.99 million.

The Department of Taxation said March numbers continue to show that Nevada will close out the fiscal year this June with more marijuana revenue projections than expected.

LEAVE A REPLY