First year of Nevada marijuana sales exceeds expectations

RENO, Nev. – Nevada regulators and industry insiders say the state’s first year of broad marijuana legalization has exceeded even their highest expectations, with sales and tax collections already surpassing year-end projections by 25 percent.

Numbers from June are still outstanding but are expected to push taxable sales past $500 million, netting total tax revenue in the neighborhood of $70 million – with about $25 million devoted to schools.

“We are viewed by many others outside Nevada as essentially being the gold standard,” Nevada Taxation Department Director William Anderson told The Associated Press. “It’s an often-used term, but it’s appropriate here. State Sen. Tick Segerblom, a Las Vegas Democrat who helped lead the legalization effort, added the “biggest surprise has been that there’ve been no surprises.”

Segerblom and others think the figures will grow, especially when local governments start using their authority to license smoking lounges or other public places for marijuana consumption. Currently, the only legal places are private residences in the state that attracts nearly 50 million tourists annually.

https://www.pressherald.com/2018/08/03/1st-year-of-nevada-marijuana-sales-exceeds-expectations/