Washington State Garnering Nearly $1 Million in Daily Taxes from Legal Marijuana Sales

Washington State’s legal marijuana market continues to grow, with daily marijuana sales surpassing $4.8 million.

The daily average of $4.82 million in legal marijuana sales – a new high – garners the state roughly $910,000 in daily taxes. This is according to data collected by the state’s Liquor and Cannabis Board. According to the board, 490 retail licenses and 974 producer/processor licenses have been distributed throughout the state.

So far in fiscal year (FY) 2017, which began on July 1st, there has been $1,181,675,336 in legal marijuana sold, resulting in $220,980,590 in taxes. This has already topped the total sales ($972,729,675) and taxes ($185,786,493) for FY 2016.

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Report: Washington to Garner Over $694 Million in Taxes from Legal Cannabis by 2019

marijuana-money-live-trading-newsWashington 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.

Read moreReport: Washington to Garner Over $694 Million in Taxes from Legal Cannabis by 2019