Nevada’s social cannabis sales for September higher than state’s projections

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Nevada’s social cannabis market keeps increasing through the third month of full sales, according to new data released by the Nevada Department of Taxation.

The state’s dispensaries sold approximately $27.7 million in social cannabis sales in September, which is more than $5 million over the state’s projected sales for the month. September’s sales were a bit less compared to August’s sales, that topped $33 million, and slightly up from July’s $27 million.

“I just frankly anticipated it going up 10 percent a month maybe for the first year,” Tick Segerblom, Nevada state Senator, said.

The 15 percent wholesale tax, which is applied to both medical and social cannabis at the cultivation level, generated another $1.95 million, and was on track with the state’s projection for the month. That wholesale tax revenue covers the local government’s costs to regulate the industry and it is also supposed to go towards schools.

However, Segerblom asked lawmakers to review how the money would be distributed.

“We need to look at having the revenue that’s generated in each county stay in that county — I’d say probably 90 percent of the revenue is being generated in Clark County. Why should we send that money upstate when some of those counties won’t even accept marijuana?” Segerblom said.

The state’s budget expected the industry to make roughly $50 million in the first 12 months of sales. Since the social market took off in Nevada on July 1, the state has generated more than $12.5 million in taxes from the cannabis industry through its first three months.

With Thanksgiving and Black Friday around the corner, several dispensaries are expecting a great influx of holiday visitors.

“It is a little surreal to think about doing Black Friday sales in a dispensary but we’re doing that and the community is super excited about that,” Andrew Jolley, President of the Nevada Dispensary Association, said.