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Marijuana gets nod for medical use…and Washington expects tax money surge to $1 billion

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Submitted by Marijuana News on Mon, 10/26/2015 - 08:45

WASHINGTON state expects marijuana sales taxes to bring in more than $1 billion over the next four years, according to a budget forecast published by the Office of Financial Management.

In the first year since legalising both medical and recreational cannabis, Washington collected $67.5 million in marijuana-related taxes, directed toward its general fund and health-related services.

This year, the state expects to pull in $154.6 million. As of Sept. 30, three months into the state’s fiscal year, Washington had already collected $37.6 million, said Steve Lerch, executive director and chief economist for the state’s Economic and Revenue Forecast Council.

“When recreational legalisation started, there were very, very few stores open and there was a huge shortage of supply,” said Lerch. “We’re expecting their market share is going to increase dramatically.”

Through 2019, Lerch expects marijuana-related revenue to increase each year and anticipates collecting $267 million in 2017, $333 million in 2018...

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KATE SMITH
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