Nevada retailers have sold over $1 billion in recreational and medical marijuana in just one year duration.
The data released from the Nevada Department of Taxation and the Nevada Cannabis Compliance Board (CCB) for the fiscal year 2021 shows $1,003,467,655 reported in taxable purchases. The total sale of marijuana for the previous fiscal year amounted to $685 million.
The bulk purchase was reported from Clark County, where Las Vegas is located. Washoe County reported $135,326, 790 in terms of cannabis sales with Reno County topping the sales.
Ten percent of this tax revenue made from the sale of recreational cannabis sales will be used to fund public education as prescribed that the bill signed by Gov. Sisolak.
This is what Nevadans expected since the legalization of recreational marijuana. Education remains one of my top priorities, and I’m proud to see promised tax revenue from cannabis sales directly funding our students and classrooms. https://t.co/iy64R47v4G
— Governor Sisolak (@GovSisolak) October 13, 2021
The governor in a press release stated that this is what Nevadans have expected since the legalization of recreational marijuana.
He said that education has remained one of these top priorities and he is immensely proud to see promised tax revenue from the sale of cannabis being used directly for funding the students and classrooms.
Sisolak also signed a bill in June to legalize marijuana consumption lounges in Nevada. The governor has also committed to promoting equity and justice in the state’s marijuana law.
For instance, the previous year, he pardoned over 15,000 people who were convicted for low-level cannabis possession.
About $1 billion worth of legal adult-use cannabis products have been sold by marijuana retailers so far in 2021. Maine marijuana sales broker another sale record in August touching $10 million for the first time since the adult-use market was launched.
Arizona reported $21 million in recreational and medical tax revenue collected in July. The state officials even reported a new webpage that allows people to track the evolution in the industry.
California collected over $817 million in recreational tax revenue during the 2020-2021 fiscal year. This is 55 percent more than the cannabis earnings generated in the previous fiscal year.
A detailed analysis of the sales data in Oregon, Alaska, Washington State, and Colorado found that marijuana purchases have increased during the Covid-19 pandemic than in the previous two years.
At least three states witnessed record-breaking sales of adult-use cannabis in July alone. The same trend was noted in Missouri’s and Michigan’s medical marijuana programs.
Michigan broke another record in marijuana sales in July with its cannabis transactions touching $171 million. As per the data from the state’s regulatory body, about $128 million in adult-use sales and $43 million in medical cannabis purchases were reported.
During the pandemic, several states permitted cannabis retailers to remain open with regulators and governors in several markets by declaring marijuana business to be essential services.
Several jurisdictions issued emergency rules by allowing curbside pickup option, and by relaxing several policies to facilitate social distancing. Moreover, New York officials have projected that the marijuana tax revenue will keep the state’s budget afloat.