The first year of adult-use cannabis sales in Nevada has exceeded the state’s year-end expectations by 25% as of July, reports The Atlanta Journal-Constitution. With June’s revenue, taxed sales will exceed $500 million this year to date, resulting in tax payments totaling over $70 million.
Nevada set sales records last year as well. In the first six months of their legal market, even following a lengthy legal battle regarding licenses, Nevada sold more than $195 million in cannabis products. This dwarfs the first half-year of sales in states like Washington ($67 million) and Colorado ($114 million).
Nevada uses the taxes raised from cannabis sales to fund schools, after covering administrative costs for the state. This year, $25 million is expected to go to schools in the state.
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