Over $1.4 Billion in Legal Marijuana Sold in Washington State in 2016
There was over $1.4 billion in legal marijuana sold in Washington State in 2016; this is according to data released by the Liquor and Cannabis Board.
In total there was approximately $1.41 billion in legal marijuana sold between January 1st and December 31st of last year. This resulted in over $260 million in taxes for the state. These numbers are based off of the sale of roughly 155,000 pounds of cannabis.
According to the Liquor and Cannabis Board, 467 cannabis retail outlets have been licensed; 917 licenses have been issues for cannabis producers and processors.
For fiscal year 2017, which began on July 1st, 2016, there has been $697,758,162 in legal cannabis sold, resulting in $130,066,915 in taxes for the state. This is based on the sale of 88,174 pounds of cannabis, and over 6 million units of cannabis extracts; this includes edibles, topicals and oils.
Washington allows those 21 and older to possess, use and purchase up to an ounce of dried cannabis. It also allows up to seven grams of cannabis concentrates; 16 ounces of marijuana infused product in solid form and; 72 ounces of marijuana infused product in liquid form.
Initially the state’s marijuana tax was set at 25% at three different levels. Now it’s a one-time 33% tax, after a legislative change.
Click here for further data on Washington’s legal cannabis industry.