You are here

Home 🌿 Marijuana Business News 🌿 Washington to Collect $1 Billion From Pot Taxes in Next 4 Years 🌿

Washington to Collect $1 Billion From Pot Taxes in Next 4 Years

Submitted by Marijuana News on Mon, 10/26/2015 - 08:48

The state of Washington has projected that it will collect $1 billion in sales tax revenue over the next four years as a result of legal marijuana sales. In the first year of legal sales, the state collected $67.5 million, and that total is forecast to rise to $154.6 million this year.

In 2017 the state is looking to collect $267 million, while the projections for 2018 and 2019 rise to $333 million and $369 million, respectively. That comes to $1.12 billion. State revenues for the four years are projected at $79.1 billion, of which legal marijuana sales will account for about 1.4% of the four-year total. Not exactly the end of the rainbow, but a welcome addition to the state’s general fund and its health services budget.

The state changed its tax structure to eliminate a 25% tax on all three major parties involved in selling marijuana — growers,...

READ MORE: 
Paul Ausick
Rate this article: 
Region: 
Washington

This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.


420 Intel is Your Source for Marijuana News

420 Intel Canada is your leading news source for the Canadian cannabis industry. Get the latest updates on Canadian cannabis stocks and developments on how Canada continues to be a major player in the worldwide recreational and medical cannabis industry.

420 Intel Canada is the Canadian Industry news outlet that will keep you updated on how these Canadian developments in recreational and medical marijuana will impact the country and the world. Our commitment is to bring you the most important cannabis news stories from across Canada every day of the week.

Marijuana industry news is a constant endeavor with new developments each day. For marijuana news across the True North, 420 Intel Canada promises to bring you quality, Canadian, cannabis industry news.

You can get 420 Intel news delivered directly to your inbox by signing up for our daily marijuana news, ensuring you’re always kept up to date on the ever-changing cannabis industry. To stay even better informed about marijuana legalization news follow us on Twitter, Facebook and LinkedIn.