Nevada cannabis sales reach $33 million in August

How high will monthly cannabis sales in Nevada go? In their second month of legal sales, the state’s dispensaries sold $33 million worth of cannabis.

Sales for the month of August represent a 24% increase compared to those in July, which had reached $27 million.

Of these $33 million, about two-thirds come from sales of recreational cannabis.

Overall, the government withdrew 4.8 millions of dollars in cannabis sales tax in August. Nevada imposes a 10% tax on all sales of recreational cannabis, since medical cannabis is not taxed, and a tax of 15% on cannabis growers, prior to the delivery of medical and recreational cannabis to dispensaries.

By way of comparison, Colorado had sold $15 million worth of cannabis in the second month after legalization, in February 2014.

Like other U.S. states that have legalized the use of recreational cannabis, the biggest driver of market growth in Nevada is the shift from black-market sales to the regulated market.

According to Adam Orens, co-founder of the Marijuana Policy Group, a consulting firm specializing in the industry cannabis, «Nevada, like Colorado and Washington, is entering a period of strong market growth. Nevada is currently fairly sheltered, as California has not yet opened its market.».

It will also be interesting to see the effect on other countries of the opening of the cannabis sales recreational use in California as of January 1 of next year. Nevada’s advantage will then be its steady stream of tourists throughout the year.

Nevada hopes to collect more than $120 million in tax revenue during the first two years of sales of cannabis. Currently, the state has 58 dispensaries, 92 plantations, 65 cannabis processing companies, 9 testing laboratories, and 31 distributors.