The numbers are based on data released by the Oregon Department of Revenue. Currently only medical cannabis dispensaries are selling recreational cannabis – with a 25% tax at the point of sale (medical cannabis is tax free) – though that will change next year when licensed cannabis retail outlets open; at that point dispensaries will go back to selling exclusively to patients.
There was over $250 million in recreational cannabis sold in Washington during the first year of legal sales, from July 1st, 2014, to July 1st, 2015. In total, this resulted in over $70 million in taxes for the state, according to data released by the state.
In total, there are 160 recreational cannabis outlets reporting sales throughout Washington. The $70 million in taxes garnered – $62 million from excise taxes and the remaining from state and local taxes – is nearly double state projections, which estimated taxes in the first year to be around $36 million.
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.
The newest figures released by Colorado’s Department of Revenue shows that January was Colorado’s biggest month yet in regards to the amount of recreational cannabis sold.
In total, there was $36.4 million worth of recreational cannabis purchased in January, resulting in over $3.6 million in excise taxes, which is being used primarily to increase the state’s public school funding.
“This is really what we expected and hope to see: a shift in the underground market to a regulated market,” says Mason Tvert, Communications Director for the Marijuana Policy Project, which spearheaded Colorado’s successful legalization campaign. “It’s clearly generating significant revenue for the state.”
With less than 100 stores operating throughout the state, and despite sales not taking starting until July, Washington State garnered over $16 million in excise taxes from over $64 million in cannabis sold in 2014, according to recent figures released by the state’s Liquor Control Board.
In total, 99 cannabis retail outlets have been licensed to sale cannabis in Washington, though not all of them are currently operating. The Liquor Control Board plans to eventually distribute licenses to 334 cannabis stores. Of the stores currently operating, New Vansterdam in Vancouver brought in the most sales, with $2,748,875 sold. Herbal Nation ($2.6 million) and Cannabis City ($2,469,905), both in Seattle, were the second and third in total sales.
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.
A new study released by the financial group Nerd Wallet has detailed what each of the 50 U.S. states gain to make if the nation legalizes the sales of recreational cannabis.
According to the study; “The U.S. stands to gain, according to our calculations, $3,098,866,907 in state and local taxes per year — that’s more than twice the entire budget of the Small Business Administration in 2013. California could gain the most from taxes on sales of marijuana. The state stands to take in $519,287,052, which almost covers the 2013 budget for the California Department of Parks and Recreation.”
New data released by the Washington State Liquor Control Board has revealed that the state garnered approximately $1.75 million in taxes from $6.9 million of legal recreational cannabis sold in the month of August. The numbers are up substantially from July, where sales reached $3.8 million, bringing in around $1 million in taxes for the state.
In the first eight days of September, there’s been $1.9 million in legal cannabis sold, putting the state on track to garner an additional $1.8 million in taxes for September. In total, $12.6 million in legal cannabis has been sold from July 8th – the first day of legal sales – to September 8th.
The combination of legal recreational cannabis sales, which began on January 1st in Colorado, and legal medical cannabis sales, have earned the state $29.8 million in taxes in the first half of the year, according to data released from the Colorado Department of Revenue.
In total, there was over $24.7 million in recreational cannabis sold in Colorado in the month of June, a 19% increase over the previous month. In the same month, Coloradans purchased roughly $30 million in medical cannabis.
Based on the language of Amendment 64 which legalized cannabis in Colorado, the taxes earned from recreational cannabis sales are split between school construction, local jurisdictions and a Marijuana Cash Fund.