Washington initiated its second in the nation legal cannabis market with only a handful of dispensaries distributing high priced marijuana to long lines of customers. A year later, Washington has close to 160 marijuana shops open, tax revenues have increased beyond expectations and sales top $1.4 million per day.
Marijuana cultivators, retailers and processors in Washington have complained the entire year about the heavy state and federal tax issues, along with competition from an unregulated medical marijuana market, which have made it a task for them to conduct good business.
However at least some relief has arrived: This month, two new laws will be set into action, one to regulate and tax medical cannabis, and one to cut Washington’s three level excise tax on marijuana to a single, 37% tax.
Even though some industry gripes and those tweaks to Washington’s legal marijuana law, which voters gave a green light for back in 2012 to legalize cannabis for people 21 and over, officials and legalization supporters state that Washington’s slow and deliberate attempt to regulate cannabis has been a success.
Washington has gained more than $250 million in pot sales in the last year with nearly $62 million of which constitutes cannabis excise taxes. That is past Washington’s initial forecast of $36 million. Yet when state and local sales and other taxes are included, the total payday for the state and local governments tops $70 million.
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