Washington State has Garnered Nearly $500 Million in Taxes from Legal Marijuana Sales Since FY 2015
Washington State has seen a massive influx of new tax revenue since the beginning of legal marijuana sales.
In Washington State, July 1, 2014 marked the start of fiscal year (FY) 2015, and also marked the start of legal marijuana sales. Since that day, the state has garnered $484,491,466 in tax revenue from the sale of marijuana; this includes the sale of marijuana products and derivative such as edibles, topicals (lotions, ointments), oils and tinctures.
The nearly $500 million in taxes garnered comes from $2,492,127,915 worth of marijuana and marijuana products sold. Over half of this amount has come from FY 2017 alone ($1.259 billion), which still has nearly three months left.
These numbers are based on information released by the Washington State Liquor and Cannabis Board. According to the board, 495 retail licenses and 982 producer/processor licenses have been distributed throughout the state.
Further data on Washington’s legal cannabis market can be found on the Liquor and Cannabis Board’s website by clicking here.