According to the Associated Press, the first month of legal sales of recreational marijuana in Nevada yielded $3.7 million in tax revenue. This amount is consistent with projections that the industry will provide the state with $120 million in tax revenue over the next two years.
Marijuana has a 15% wholesale tax and a 10% retail tax in Nevada, which is responsible for the $3.7 million that was earned in July. A small portion of this tax revenue is headed for the state’s ‘rainy day’ fund, but the rest is used for the education system in Nevada. July’s tax revenue was an added bonus, as officials didn’t forecast any tax revenue to be earned this month due to uncertainty surround licensing and local ordinances.