In addition to $50.1 million in recreational cannabis sales, there was $35.2 million in medical cannabis sold, a high for the year. In total, recreational cannabis sales brought in $9 million in taxes and fees for the state, with an additional $1.85 million coming from medical cannabis taxes and fees.
The Pierce County Council’s Community Development Committee has passed a proposal, sponsored by three of the council’s seven members, which would repeal the county’s ban on recreational cannabis sales.
The proposal, which is expected to be voted on by the full council in August, would repeal a law passed by councilors in 2013 which explicitly banned all recreational cannabis outlets, which were legalized by voters the year prior.
According to the LCB (which will be renamed the Liquor and Cannabis Board on July 24th), there are 161 licensed recreational cannabis outlets throughout Washington State, with 142 reporting sales. On average, there is $1,243,926 in recreational cannabis sold each day, which results in roughly $311,000 in daily tax revenue. In total, there has been $205,917,611 in cannabis sold since legal sales began July 1st of 2014. This has resulted in $51,479,403 in taxes for the state.
With a 26 to 22 vote, Washington’s full Senate has given approval to Senate Bill 6062, a proposal to eliminate several excise taxes on recreational cannabis sales.
Under Washington’s current recreational cannabis tax structure, cannabis is taxed 25% at three different levels, when producers sell to processors, when processors sell to retailers, and when retailers sell to end consumers. This tax structure has led to prices on recreational cannabis to be considerably higher than that of Colorado, where cannabis is taxed just once.
New data released by the State of Colorado shows that over $3.5 million in tax revenue and licensing fees were garnered from recreational cannabis sales in January alone, the first month such sales were legal. This is the first official data released regarding legal cannabis sales in Colorado.
“The first month of sales for recreational marijuana fell in line with expectations,” says Barbara Brohl, Executive Director for the Department of Revenue. “We expect clear revenue patterns will emerge by April and plan to incorporate this data into future forecasts.”
The first legal recreational cannabis sales in the United States since before the start of prohibition will occur today, with dozens of retail outlets in Colorado planning to begin sales to anyone 21 and older.
As of today, January 1st, the portion of Amendment 64 which allows for recreational retail outlets to distribute cannabis takes effect, with dozens of outlets – most of which are in Denver – having already received their official business licenses. In total, 348 businesses have been approved to sell, cultivate or manufacture recreational cannabis or cannabis products in Colorado. Most of these locations are expected to be open by the summer.
Beginning January 1st in Colorado, recreational cannabis sales will become legal for those licensed with the state, with anyone 21 and older able to purchase it. Although many of those who plan to sale recreational cannabis won’t be ready come the new year, dozens of locations will be, and Colorado will take the historic step of launching their new cannabis market.