RENO — Legal marijuana sales in Nevada set another monthly record in May and are approaching the $500 million mark for the fiscal year.
The Nevada Department of Taxation said Thursday the $7.11 million in tax revenue from pot sales for medical and recreational use in May topped the previous monthly high of $7.09 million in March.
Tax collections for the first 11 months of the fiscal year now total $62.6 million. That’s 25 percent more than was projected for the entire fiscal year with June collections still outstanding.
Overall taxable sales have reached $481.4 million and should exceed $500 million by the end of June. More than $384 million of that is from recreational sales.
Based on sales to date, Tax Director Bill Anderson says all indications are the trend will continue in June and into the next fiscal year.