Washington State is set to bring in over $694 million in taxes from legal recreational cannabis sales by the middle of 2019, according to a new report released by the Economic and Revenue Forecast Council.
The number is up from the Council’s September prediction of $636 million.
The report shows that the state is expected to bring in nearly $43 million is taxes from legal cannabis sales by the middle of 2015. Roughly $237 million is expected over the next two-year budget that ends in 2017, and an additional $415 million more is expected for the 2017-19 budget biennium.
So far the state has issues 86 licenses for legal cannabis retail outlets, with 70 of those currently opened for business.