The state collected $5.54 million in taxes in January from legal marijuana, continuing to outpace projections, according to the Nevada Department of Taxation.
That’s near a record $5.8 million in October, $5.5 million in November and $5.7 million in December.
The revenue includes a 15 percent wholesale tax on medical and recreational pot and a 10 percent excise tax on recreational weed sales.
January’s revenue from the wholesale tax on cultivation and production facilities for transporting the plant to dispensaries was a record $2.26 million. The excise tax brought in about $3.28 million.
“Our collections to date are around 70 percent of what was projected for the year,” said Bill Anderson, director of the Nevada Department of Taxation.
The state projected average tax revenues of $5 million a month from July 2017 to July 2019, resulting in total collections of $120 million. Officials predicted the first several months of recreational marijuana sales would be slower and then pick up.
But with $35.9 million collected through seven months of recreational pot sales, the industry is running ahead of the anticipated pace.
Revenue from the wholesale tax funds state and local government regulation of the industry, with any leftover money going toward schools. Revenue from the excise tax is deposited into the state’s rainy day fund, typically used for emergencies.