The states lawmakers are pleased with the progress
Prior to the legal recreational market opening in Nevada, industry analysts expected a strong performance given both local interest and the ever-present desire amongst Vegas tourists to let loose and have fun. Despite these already-high projections, the market still managed to perform better than anticipated. However, there is some sign that things might be slowing down, at least temporarily.
Marijuana sales in the state for the month of December hit $35.8 million. Sales for January were $32.8 million. While still exceeding the projection in the state’s two-year budget of just $24 million, a $3 million drop is concerning. These numbers were published by the state last week, and it is not known how much the industry made in sales last month.
Variations in the market are nothing new. In fact, each month has seen sales fluctuate, often by a similar amount as that between December and January. This can be attributed to many factors, with one of the biggest likely being the number of tourists visiting in any given month.
The two-year budget estimated that there would be $63.5 million in revenue for the state just from the retail tax on weed; consumers pay a 10 percent excise tax on recreational marijuana products. Over just seven months, the state has taken in $22.8 million in taxes, all of which goes into Nevada’s rainy-day fund. While this is more than projected, no doubt lawmakers would be happier to see more revenue. Still, the state is pleased with the results of their recreational marijuana program.