October pot sales top $37.9 million

Revenue $5.8M for medical, recreational

Nevada’s budding recreational marijuana industry posted its highest monthly sales totals yet in October, topping $37.9 million.

The state Department of Taxation on Wednesday released the October figures, the fourth full month of recreational sales.

Recreational and medical marijuana sales brought in a combined $5.8 million in tax revenue to the state in October — about $1 million above August’s revenue, previously the state’s biggest month.

Nearly $3.8 million of the October revenue came from the 10 percent retail tax levied on recreational sales.

“We are pretty on target with projections, maybe a little over,” Nevada Department of Taxation spokeswoman Stephanie Klapstein said.

Nevada has drawn in more than $19 million tax revenue from the marijuana industry since recreational marijuana went on sale

July 1.

October’s sales marked a sizable jump from the roughly $27.7 million spent on recreational marijuana at Nevada dispensaries in September. Recreational sales in August weren’t too far behind October — when Henderson began retail sales — at $33.4 million.

More than $12.6 million comes from the retail tax on recreational weed. That’s 20 percent of the

$63.5 million tax revenue projection budgeted for the first two years of recreational sales.

Pot dispensary patrons pay a 10 percent retail excise tax on recreational marijuana, which goes into the state’s rainy day fund.

The state also levies a 15 percent wholesale excise tax on all marijuana sales — recreational and medical,

MARIJUANA

to six months to complete. Applications are judged on whether they are technically accurate and have a clear narrative with consistent formatting throughout the document. Representatives for the association could not immediately be reached for comment.

It’s the second financial planning award the district has received this year.

In March — before the deficit surfaced — the district received a Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada for its comprehensive annual financial report.

The CCSD has received this award for the past 30 years, according to the district. An individual Award of Financial Reporting was also given to Shelley Hughes, director of general accounting, for preparing the award-winning annual report.

The award often lags behind. The CCSD’S most recent award was for the financial report for the fiscal year that ended June 30, 2015. It’s unclear how the district’s current financial situation will be factored into future considerations from the organization.

“Every year our team works diligently to make certain that the CAFR is prepared to meet the highest standards, accounting for all expenses and ensuring that every dollar counts for students,” CCSD Interim Chief Financial Officer Eva White said at the time of the award.

Contact Meghin Delaney at 702-383-0281 or mdelaney@ reviewjournal.com. Follow @ Meghindelaney on Twitter.