People wait in line at the Essence cannabis dispensary, Saturday, July 1, 2017, in Las Vegas. Nevada dispensaries were legally allowed to sell recreational marijuana starting at 12:01 a.m. Saturday. (John Locher, The Associated Press)

Nevada’s recreational marijuana sales on pace to hit $60 million in first year

RENO, Nev. — Nevada’s recreational marijuana industry is on pace to reach $60 million in its first year, exceeding the state’s projection of $50 million.

KTVN-TV reported Tuesday that if revenue from pot sales continues at this pace, it will leave extra money for the budget.

Will Adler, Director of the Sierra Cannabis Coalition, said the industry is fitting quite well into the state’ economy.

The tax money the industry brings in goes to different places. Most of the 10 percent retail tax revenue goes to the state’s rainy day fund, while the 15 percent wholesale tax helps fund the Department of Taxation, local jurisdictions and education.

The Legislative Commission has approved permanent regulations for recreational marijuana sales, so the industry’s money will soon begin to be distributed.

Information from: KTVN-TV