According to a new report by the Nevada Dispensary Association, there was over $500 million in marijuana and marijuana products sold legally in the state in fiscal year 2018 (July 1, 2017 to June 30, 2018).
Of the $529.9 million in marijuana sold, $424.9 million was recreational marijuana, with the remaining $105 million coming from the sale of medical marijuana. These sales brought in nearly $70 million in tax revenue for the state.
The report also found that the legal marijuana industry has brought at least 8,300 new full-time jobs to the state. From this, there was $443.3 million in labor income (direct, indirect and induced).
In Nevada, marijuana was legalized by voters in 2016. The state’s first legal marijuana sales took place the following year. Marijuana is taxed with a 10% excise tax on sales, and a 15% wholesale tax.
Nevada is one of nine states in the U.S. with legalized marijuana, with all but one of them (Vermont) allowing legal sales.