90°F
weather icon Clear

Recreational pot sales in Nevada topped $35M in February

Updated April 23, 2018 - 6:05 pm

February may be for lovers, but it is also apparently for marijuana, according to the latest state data.

Nevada stores raked in $35.35 million in recreational pot sales during February, marking the third-highest monthly total since recreational marijuana became legal to sell in July.

Bill Anderson, executive director of the Nevada Department of Taxation, said those strong sales numbers can be attributed to a handful of events that occured in February.

“Most notably the Super Bowl,” Anderson told the Las Vegas Review-Journal on Monday.

“The industry is impacted by those special kinds of events,” Anderson said. “The marijuana industry has some unique characteristics, and we’re learning those as we move along here.”

In February, the state took in a record $5.95 million in tax revenue from recreational pot sales. About $3.5 million of that came from the 10 percent excise tax on retail pot sales, while the rest came from the 15 percent tax on wholesale cannabis.

In total, Nevada stores have sold $263.7 million in recreational pot through the first eight months of legal sales, just about $1 million short of the number the state projected for the first year of sales.

Where’s the cash going?

The state has brought in about $41.9 million of marijuana tax revenue though February, which is about 83 percent of the $50.3 million the state projected for the first full year of sales.

But where exactly has that money gone so far?

About $26.4 million of the tax revenue has come from the special 10 percent tax on all recreational marijuana purchases in the state. Because of a law passed during the 2017 legislative session, all that money has gone to the state’s rainy day fund.

There has been a recent push, most notably from state Sen. Tick Segerblom, D-Las Vegas, and Las Vegas City Councilwoman Lois Tarkanian, to direct that money to school districts to help fill their budget deficits. But from most indicators, including comments from Gov. Brian Sandoval’s office, a decision about where that money ends up likely won’t come until the Nevada Legislature takes up the debate next year.

The rest of the tax revenue, about $15.5 million, comes from the 15 percent tax on the wholesale marijuana for both medical and recreational marijuana.

The first portion of that goes to the Tax Department to fund the cost of administering the marijuana program. The next $5 million will be split among the local governments. Anything after that goes directly to the state’s general education fund. The state’s budget calls for the wholesale tax to generate approximately $22 million through the first year of sales, which Anderson said looks to be a very reachable goal at this point.

He said the department distributed the $5 million to local governments across Nevada in March, and it plans to send money to the state education fund at the conclusion of the fiscal year on June 30.

Contact Colton Lochhead at clochhead@reviewjournal.com or 775-461-3820. Follow @ColtonLochhead on Twitter.

ADD ALT TAG INFO

Don't miss the big stories. Like us on Facebook.
Politics Videos
Assemblywoman Daniele Monroe-Moreno hosts BBQ - Video
Assembly Woman Daniele Monroe-Moreno hosts BBQ to bring the community together to hear about the candidates up for election and for people to gather and have fun.
Democrat Virtual Caucus - Video
Elizabeth Warren visits Las Vegas
Senator Elizabeth Warren made a campaign stop at the East Las Vegas Community Center on Tuesday July 2, 2019. (Mat Luschek / Review-Journal)
Aaron Ford Speaks About Bill AB431
AB431 is a bill sponsored by Nevada Assembly Speaker Jason Frierson to restore the right to vote for formerly incarcerated individuals. Attorney General Aaron Ford spoke at the AM&E Church in North Las Vegas about the bill, on Monday, July 1, 2019. (Mat Luschek/Las Vegas Review-Journal)
The Right Take: Biden's Racially Questionable Comments
Joe Biden has uttered racially charged statements for years. Now that he’s the frontrunner for the Democrat presidential nomination, he may finally face prolonged scrutiny for them.
Christopher Rufo Discusses Homelessness In The USA - VIDEO
Christopher Rufo discusses homelessness in the United States and how politicians can work to improve conditions for those with drug addictions.
Clark County 2019 Election Results - Video
The 2019 Elections wrap up in Clark County including an upset in the Boulder City Mayor race.
Olivia Diaz talks about her win in Ward 3 - VIDEO
Las Vegas City Councilwoman-elect Olivia Diaz talks about her election win in Ward 3 and what lies ahead for her.
Greene discusses Read by 3 and Opportunity Scholarships - VIDEO
The Nevada Legislative Session is over and the results are mixed for Nevada students, according to Tom Greene, Senior regional legislative director, Excel in Ed in Action.
Bernie Sanders visits Las Vegas
Sen. Bernie Sanders made a stop at Roy W. Martin middle school on Thursday, during his campaign trail.
Kamala Harris campaigns in Las Vegas
Democratic Sen. Kamala Harris castigated President Donald Trump’s merit-based immigration plan, saying it was “short-sighted” and overlooked the cultural significance of family, during a campaign stop in Las Vegas. “We cannot allow people to start parsing and pointing fingers and creating hierarchies among immigrants,” Harris told Asian Pacific Islander leaders at a Chinatown restaurant, one of two appearances she made Thursday.
The Right Take New Education Funding Plan - VIDEO
On Monday, Senate Education Committee chair Mo Denis, D-Las Vegas, released a new education funding formula. For years, many Democrat politicians have criticized the current education funding formula, called the Nevada Plan. They claim it’s old and outdated. Their biggest beef is that it doesn’t allocate more money for students who are English Language Learners or live in poverty. The theory is that it’s harder to educate those students and so they need additional services, which costs additional money.
Kamala Harris campaigns in Nevada
California Senator Kamala Harris meets with One APIA Nevada, a nonprofit organization that advocates for policies empowering Asian Pacific Islander Nevadans. (Michael Quine/Las Vegas Review-Journal)
Ben Carson talks housing (Audio only)
Ben Carson discusses housing with the Review-Journal editorial board on Thursday. (Audio only)
Ben Carson visits the RJ (Full Audio Only)
Ben Carson discusses housing with the Review-Journal editorial board on Thursday. (Audio only)
Former Vice President Joe Biden campaigns in Nevada
After campaigning at the International Union of Painters and Allied Trades District Council 16 in Henderson, former Vice President Joe Biden spoke with the Review-Journal.
Student serenades Mayor Carolyn Goodman at swearing in
Students from the school she founded, The Meadows School, serenaded Las Vegas Mayor Carolyn Goodman during a swearing in ceremony for her third and final term. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Al Gore Speaks At UNLV About Climate Change - Video
Former Vice President of the United States Al Gore talks to an audience at UNLV about the effects of Climate change and how to switch to renewable sources of energy.
Forum on Wages and Working People Highlights - VIDEO
Presidential candidates Elizabeth Warren, Beto O'Rourke, Kamala Harris, Amy Klobuchar, Julian Castro, and John Hickenlooper speak in Las Vegas, Nevada.
Nevada Politics Today Valerie Weber - VIDEO
Valerie Weber sits down with Victor Joecks to discuss her policies and why she is running for Ward 2 of the Las Vegas City Council.
Cory Booker speaks at UNLV
US Senator Cory Booker speaks at UNLV during a Young Democrats meet and greet on Thursday, April 18, 2019. (Mat Luschek / Review-Journal)
May-Brown describes why some with disabilities need the subminimum wage - VIDEO
Eliminating the subminimum wage will end training and work opportunities for some members of the disabled community. Instead of doing something productive, they would be relegated to adult day care. That’s according to Tracy May-Brown, Opportunity Village’s director of advocacy, board and government relations.
Commission’s decision will delay Red Rock Canyon development
The Clark County Commission Wednesday rejected a developer’s request to approve a preliminary plan for 3,000 homes overlooking Red Rock Canyon before a federal agency grants permission for a roadway leading to the site.
THE LATEST
Nevada marijuana license ruling could come next week

A Nevada judge said Friday she expects next week to finish hearing a case involving dozens of companies that lost bids to open new retail pot stores asking her to stop the state from licensing more marijuana businesses.

California to increase enforcement against illegal pot shops

California is planning to intensify its enforcement against the state’s thriving illegal marijuana market, including launching an ad campaign Friday that urges consumers to seek out licensed shops with safe products.

Officials raid 247 Colorado homes growing black market pot

Authorities said Friday they raided hundreds of black market marijuana operations in Colorado that flouted the state’s cannabis law by growing tens of thousands of plants in Denver-area homes and selling the drugs out of state.

Governor announces plan to legalize marijuana in Illinois

Illinois Gov. J.B. Pritzker said Saturday he’s reached an agreement with key lawmakers on a plan to legalize recreational marijuana in the state starting next year.