$3.8 Million in Recrational Cannabis Sold in First Month of Legal Sales in Washington State
There was roughly $3.8 million in recreational cannabis sold in Washington State in the month of July, the first month such sales were legal, according to new data released by the state. The numbers are based on just 18 stores open in July, 2 of which have yet to report sales. Only 6 of these outlets were open on July 1st, the day legal cannabis sales began.
“It’s off to a healthy start, considering that the system isn’t fully up and running yet,” says Brian Smith, a spokesman for the Washington State Liquor Control Board, the entity tasked with regulating the new industry.
The $3.8 million in sales has resulted in over $1 million in taxes for the state. Under the state’s tax structure for legal recreational cannabis, cannabis is taxed 25% at three different levels, in addition to a standard sales tax of 10%.
Does any one know how the State will spend the additional revenue?