Nevada's cannabis sales in its first month of legal pot

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Nevada dispensaries sold $27.1 million of cannabis in July, the first month the state allowed recreational weed use.

The Reno Gazette-journal Reports that Nevada earned $10.2 million from the newly-formed industry, as cannabis sales outpaced what both Colorado and Oregon made in their initial months.

Nevada, along with California, Massachusetts and Maine, approved recreational cannabis during the November 2016 elections. Starting July 1, Nevada allowed recreational cannabis use and allowed dispensaries to sell pot to anyone over the age of 21.

Nevada's Department of Taxation projects that the state could pull in about $120 million in cannabis taxes over the next two years, according to the Gazette-Journal. Cannabis sales tax revenue will go toward Nevada's rainy day fund, which typically reserves money for emergencies, the Gazette-Journal reports.

Revenue coming from the industry's 15% wholesale tax will help to pay for any costs incurred by Nevada, while any remaining money will go into Nevada's School Distributive Account.