Over $130 Million in Legal Cannabis Sold in Washington State in August

moneyThere was over $130 million in legal cannabis sold in Washington in the month of August, resulting in roughly $25 million in taxes, according to new data released by the state’s Liquor and Cannabis Board.

So far for fiscal year 2017, which began on July 1st, there has been nearly $250 million in legal cannabis sold, resulting in nearly $50 million in taxes. Currently there is an average of over $4.2 million in legal cannabis purchased each day, which results in over $700,000 in daily taxes.

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New Medical Cannabis Law Now in Effect in Washington State

medcanDrastic changes to Washington State’s medical cannabis law are now in effect, as of Friday, July 1st. Among the changes is an over 80% reduction in the amount of cannabis a patient can possess and cultivate, and the introduction of a patient database that some attorneys say is against federal HIPAA laws.

Under the new law – Senate Bill 5052 – patients can possess up to an ounce of cannabis, whereas they were previously allowed to have up to 24 ounces in their possession; if they join the patient registry, they can possess up to three ounces. As for cultivating cannabis, patients’ limits are dropping from 15 plants, to four, or six if they join the registry.

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WA: Enough Cannabis Sold in Past 7 Months to Fill 45 Million Joints, Enough Oil for 40 Million Dabs

joint1In Washington State, cannabis is big business. Despite the state having a system that puts arbitrarily low caps on the number of cannabis businesses allowed, we recently reported that there is $2.3 million in legal recreational cannabis sold each day, according to the Liquor and Cannabis Control Board. Further data from the Board, however, paints a clearer picture of just how much cannabis is being purchased in the state.

According to the Board, there has been 50,232 pounds of usable cannabis sold during fiscal year 2016, which began on June 30, 2015. This comes out to roughly 22.5 million grams. If you determine that the average joint weights around half a gram (not a particularly large joint), this comes out to around 45 million joints worth of legal cannabis sold in less than 7 months.

Read moreWA: Enough Cannabis Sold in Past 7 Months to Fill 45 Million Joints, Enough Oil for 40 Million Dabs

Over $2.3 Million in Legal Recreational Cannabis Sold Each Day in Washington State

flower-power-2There is over $2.3 million in legal recreational cannabis sold each day in Washington State, according to new data released by the state’s Liquor and Cannabis Control Board.

In total, there has been $446 million in legal cannabis sold in fiscal year 2016 (which began on July 1, 2015), resulting in roughly $85 million in taxes for the state. In this fiscal year, there has been over 48,000 pounds of usable cannabis sold, in addition to over 3 million grams of extracts sold, and over 1.1 million cannabis edibles sold.

Read moreOver $2.3 Million in Legal Recreational Cannabis Sold Each Day in Washington State

WA: Average Price of Legal Cannabis Drops to $10 a Gram

A gram of legal recreational cannabis being sold in Washington.The price of legal recreational cannabis in Washington State has dropped to an average of $10 a gram, down from $25 – $30 a gram when sales first began in 2014. This is according to the state’s Liquor and Cannabis Control Board.

The drop in price is attributed to two factors; an increase in the number of retail outlets and cultivation centers which has increased competition, and a recent change in the state’s tax structure. Initially cannabis was taxed 25% at three different levels, but due to changes made by state lawmakers in the last legislative session, cannabis is now taxed only once; 37% at the point of sale.

Read moreWA: Average Price of Legal Cannabis Drops to $10 a Gram

WA Bill to End Dispensaries, Reduce Patients’ Rights, Scheduled for Public Hearing

A bill medcannabisto shut down every medical cannabis dispensaries in Washington State, and to significantly reduce patients’ rights, has been scheduled for a public hearing on March 5th in the House Health Care and Wellness Committee. The measure has already been approved by the state’s Senate.

Senate Bill 5052 would shut down every dispensary in the state, would establish a mandatory patient registry and would reduce the amount of cannabis a patient can possess (from 24 ounces to 3) and cultivate (from 15 plants to 6).

Read moreWA Bill to End Dispensaries, Reduce Patients’ Rights, Scheduled for Public Hearing

Proposal to Drastically Alter WA’s Medical Cannabis Law Approved by Senate Committee

A proposal to drasticallyMarijuana plants are displayed for sale at Canna Pi medical marijuana dispensary in Seattle alter Washington State’s medical cannabis law has been approved 11 to 2 by the Senate Health Care Committee, and is scheduled for a public hearing today at 3:30PM in the Senate Ways and Means Committee, where its passage will set it up for a full Senate vote.

If approved into law, Senate Bill 5052 would combine the medical and recreational cannabis systems, would shut down all currently operating medial cannabis dispensaries and would establish a patient database, requiring all patients who wish to receive arrest protection to submit to a mandatory registry (which has been opposed by activists in the state for years given it would require patients to put their name on a list admitting to a federal crime).

Read moreProposal to Drastically Alter WA’s Medical Cannabis Law Approved by Senate Committee