Over $2.4 Million in Cannabis Sold, $615K in Taxes Made, in First Three Weeks of Legal Sales in WA
New numbers released Tuesday by Washington State’s Liquor Control Board show that there has been over $2.4 million in recreational cannabis sold in the first three weeks of legal sales, which began on July 8th with just six outlets open.
These sales have resulted in $614,985 in excise taxes for the state, which doesn’t include local and state sales taxes, which comes out to an additional $240,000 (approximately) when accounting for the standard ten percent sales tax.
The Washington State Liquor Control Board has approved 334 recreational cannabis outlets, though most these are far from ready to open their doors. In many cases, this is due to a lack of steady supply due to the low amount of producers currently operating in the state. Seattle’s only outlet has been closed most of the time since opening on the 8th due to being sold out, with no way of obtaining enough supply to meet demands. Regardless, the state is still likely to surpass a million dollars in taxes made in the first month of legal sales.
In Washington, the possession, use and state-licensed distribution of cannabis is legal for those 21 and older, thanks to the passage of Initiative 502 in 2012.