Nevada On Pace For $30 Million in Marijuana Sales By End Of Year

Article by Chris Morris, Fortune.com.

Nevada on Pace for $30 Million in Marijuana Sales by End of Year

Sin City’s latest vice is fast turning into a crowd favorite statewide.

Legal recreational marijuana sales in Nevada generated $3 million in salesrevenue and roughly $500,000 in tax revenue in their first four days, according to the Nevada Dispensary Association. That puts the state on track to pull in sales of $30 million by the next six months.

People lined up for up to three hours when pot legally went on sale July 1, with some dispensaries saying the demand was even greater than they had anticipated. (That demand is expected to ease somewhat as the novelty wears off.)

It’s a solid start for Nevada growers, who face a tax rate of 33% to 38%, but the initial sales pale compared to some of the forerunners in the legal cannabis field. Oregon dispensaries made $3.2 million on the state’s first day of sales and more than $11 million in their first week, while Colorado dispensaries made more than $5 million in their first week, reports USA Today.

Read full article, here.

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