Washington State Garners $16 Million in Taxes from Legal Cannabis in 2014
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.
Taking all cannabis sales into consideration, including sales from growers to retailers, there was $64 million sold in 2014, equaling over $16 million in taxes for the state. The highest sales day was the day after Thanksgiving, with roughly $1 million sold on that day alone.
The amount of cannabis sold, and taxes earned, is expected to increase substantially in 2015, as more outlets open, and more growers and processors are licensed.