You are here

Home 🌿 Marijuana Business News 🌿 Watch: Washington marijuana industry could grow fast with tax bill 🌿

Watch: Washington marijuana industry could grow fast with tax bill

Warning message

The subscription service is currently unavailable. Please try again later.
Submitted by Marijuana News on Thu, 05/21/2015 - 08:00

As marijuana businesses expand in Washington State, a bill being debated in Olympia could prompt the industry to grow even more.

Producers, processors and retail shop owners are closely watching HB 2136, which would rework some of the current regulations and change the tax structure. Some marijuana businesses say it's nearly impossible to make any money under the current tax structure.

"We've learned a lot since I-502 passed," says Rep. Reuven Carlyle (D-Seattle), the bill's primary sponsor. "This is an update, and a modernization of the current initiative."

Right now, marijuana laws apply a 25 percent excise tax on each level of the system: producer to a processor, processor to a retailer, and retailer to the customer. In addition, B&O taxes on the production and local retail sales taxes apply.

For those who operate as a producer and a processor, a common business model, they're hit with...

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.


URL: 
http://www.king5.com/story/news/local/2015/05/20/marijuana-industry-grow-tax-whittenberg-king-5/27638353/

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.