Washington Garners $70 Million in Taxes During First Year of Legal Cannabis Sales

moneyThere 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.

By comparison, Colorado garnered $44 million in taxes during the first year of sales, despite having more sales overall ($313 million). This is due to cannabis taxes in Colorado being much lower.

Earlier this week Governor Jay Inslee signed into law a measure that eliminates Washington’s three-tier tax structure on recreational cannabis in favor of a single excise tax at the point of sale between retailers and their customers.

TheJointBlog

2 thoughts on “Washington Garners $70 Million in Taxes During First Year of Legal Cannabis Sales”

  1. Fantastic,that Washington could raked in that amount of taxes.
    If only our third world government could wake up and decriminalize weed in South Africa….sadly I don’t think that would happen in my life time.

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