WA: Over $142 Million in Legal Marijuana Sold in October, New Single-Month Record

There was $142,045,630 in legal marijuana and marijuana products sold in Washington in October, according to data released by the state’s Liquor and Cannabis Board.

The $142 million in marijuana sold in October marks a single-month record, besting the previous high of $133.5 million in August. The state garnered nearly $30 million in taxes from October’s sales. Overall for fiscal year 2018 – which began on July 1st – the state has garnered $120 million in taxes from $534 million in marijuana sales. This puts the state on track to top fiscal year 2017; the state brought in $314.8 million in taxes from $1.37 billion in sales.

The $142 million in marijuana sold in October in Washington is slightly higher than the amount of marijuana sold in Colorado during the same period; $127 millionĀ according to the state’s Department of Revenue.

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Over $1.28 Billion in Legal Cannabis Sold in Washington State this Year

There has been nearly $1.3 billion in legal cannabis sold in Washington state so far this year. This is according to new data released by Washington’s Liquor and Cannabis Board.

legal cannabisFrom January 1st of this year, to the end of November, there was $1,285,567,300 worth of legal cannabis sold. With a full month still remaining, total sales for 2016 are likely to pass $1.4 billion.

The over $1.2 billion in cannabis sold in 2016 has resulted in over $240 million in taxes for the state.

Read moreOver $1.28 Billion in Legal Cannabis Sold in Washington State this Year

For First Time Legal Cannabis Sales in Washington are Equal to Cannabis Sales in Colorado

cannabismoney1Up to this point, legal cannabis sales have been considerably higher in Colorado than Washington State, due in no small part to the fact that sales began in Colorado roughly six months earlier. However, that has changed, as there was almost an equal amount of cannabis sold in the two states in July.

According to recently released sales data, there was roughly $122 million worth of legal cannabis sold in Colorado in July. By comparison, there was roughly $121 million in legal cannabis sold in Washington during the same time period. In August, there was $130 million in cannabis sold in Washington, the highest amount ever sold in one state in one month. Sales data for August for Colorado won’t be released until next month.

Read moreFor First Time Legal Cannabis Sales in Washington are Equal to Cannabis Sales in Colorado

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

New Study Shows Which Washington Counties Purchase the Most Cannabis Per Capita

A gram of legal recreational cannabis being sold in Washington.A new study conducted by the Washington State Institute for Public Policy has found that Klickitat County has the highest rate of per capita recreational cannabis sales, averaging $65.80 of cannabis sold for every one person since legal sales began in July, 2014.

According to the study, Clark County was second with $56.93 sold per capita, with Jefferson County coming in at third with $51.23 sold per capita.

King County, the state’s most populated county, had less than 40% of the per capita sales of Klickitat County, averaging $24.39.

Read moreNew Study Shows Which Washington Counties Purchase the Most Cannabis Per Capita

Washington Governor Signs Bill Eliminating Three-Tier Tax Structure on Recreational Cannabis

wapicWashington State Governor Jay Inslee has signed into law a measure that eliminates the state’s three-tier tax structure on recreational cannabis in favor of a single excise tax.

Under current law, recreational cannabis is taxed at three different levels, 25% at each level. Under House Bill 2136, most of which takes effect tomorrow, this system will be replaced with a single 37% tax which would be paid at the point of sale between retailers and their customers.

Read moreWashington Governor Signs Bill Eliminating Three-Tier Tax Structure on Recreational Cannabis

Washington Legislature Passes Recreational Cannabis Reform Bill, Governor Inslee Expected to Sign

Washington’s Senate on Saturday voted 36 to 7 to approve legislation that would make changes to the state’s recreational cannabis market, includingcannabud removing the three-tier tax structure in favor of a single excise tax. The vote came a day after the House of Representatives passed the measure with a 59 to 38 vote. It now heads to Governor Jay Inslee.

House Bill 2136 would remove Washington’s three-tier tax structure on recreational cannabis (25% on the producer, processor and retailer), and would replace it with a single 37% tax which would be paid at the point of sale at retail outlets.

Read moreWashington Legislature Passes Recreational Cannabis Reform Bill, Governor Inslee Expected to Sign

Washington House Passes Bill to Eliminate Three-Tier Tax Structure on Recreational Cannabis

moneycannabisWashington’s House of Representatives voted on Friday to pass House Bill 2136, a proposal to make several changes to the state’s recreational cannabis market, including eliminating the three-tier tax structure. The vote was 59 to 38.

Under current law, recreational cannabis is taxed at three different levels, 25% on the producer, 25% on the processor and 25% on the retailer. Under House Bill 2136, this structure would give way to a new system where cannabis is taxed just once, at the point of sale at the retailer, with the tax being set at 37%.

Read moreWashington House Passes Bill to Eliminate Three-Tier Tax Structure on Recreational Cannabis