Recreational pot dispensaries prepare for first payment on excise tax in Nevada
LAS VEGAS (KSNV News3LV) — Marijuana dispensaries selling recreational pot have until Aug. 31 to make their first payment of the excise tax they’ve been collecting.
When it’s paid, and the amount is reported by state officials, it will be the first confirmation of how much money is being raised for education in Nevada.
“From seed to sale -- the state received information on every product, from the time it’s a seed, to the time it’s a sale,” said Riana Durrett, executive director of the Nevada Dispensary Association.
The excise tax is 10 percent and is one of several taxes added to every marijuana purchase.
During the first few days of legal sales in July, the excise tax raised big money, according to Durrett.
“The tax revenue alone was around a million dollars, but that was a unique situation where it had just become legal, and it was Fourth of July weekend,” she said.