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Home 🌿 Recreational Marijuana News 🌿 Washington state has brought in $70 milion in tax revenue from legal marijuana sales 🌿

Washington state has brought in $70 milion in tax revenue from legal marijuana sales

Submitted by Marijuana News on Mon, 07/06/2015 - 08:45

 SEATTLE (AP) — Washington launched its second-in-the-nation legal marijuana market with just a handful of stores selling high-priced pot to long lines of customers. A year later, the state has about 160 shops open, tax revenues have soared past expectations and sales top $1.4 million per day.

And who knows — the industry might even start making some money.

Washington pot farmers, processors and retailers have complained all year that heavy state and federal tax burdens, along with competition from an unregulated medical marijuana market, have made it difficult for them to do business.

But at least some relief is here: This month, two new laws take effect, one to regulate and tax medical marijuana, and one to cut Washington's three-level excise tax on pot to a single, 37-percent tax.

Despite some industry gripes and those tweaks to Washington's legal pot law, which voters passed in 2012 to legalize marijuana...

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Washington
United States

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URL: 
http://www.businessinsider.com/recreational-marijuana-washington-state-tax-revenue-2015-7

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