The iconic sign that greets visitors to Las Vegas. (Ryan Jerz, courtesy of TravelNevada)

Nevada marijuana sales down in January, still ahead of projections

LAS VEGAS — Recreational marijuana sales hit $32.8 million in Nevada in January, outpacing the state’s projections but falling short of the $35.8 million sold in December.

The state published the most recent statistics last week. Sales numbers for the state’s new green market have fluctuated each month since it opened in July, going up one month and down another, the Las Vegas Review-Journal reported.

“It’s a good spot to be in, but it’s not growing like I thought it would,” said Democratic State Sen. Tick Segerblom, who pushed for pot legalization.
But while sales have been up and down, each month has been well over the state’s projections.

January followed that trend, with sales coming in more than $8 million higher than the $24 million projected for the month in the state’s two-year budget.

The state’s budget projected $63.5 million in revenue from the retail tax on weed in the first two years of sales. Retail consumers pay a 10 percent excise tax on recreational marijuana. The money goes into the state’s rainy day fund. Through seven months, the tax has brought in roughly $22.8 million — just $4 million short of projections for the first year.

“All in all, it’s been fantastic,” Segerblom said. “If it stays like this for two years, we’d come back with quite a bit more money than projected.”
Segerblom said he believes that concepts such as consumption lounges and weed-friendly events and concerts could help the state see consistent month-over-month growth.

Information from: Las Vegas Review-Journal