Legal Pot sales in Washington generate Millions in monthly tax dollars
- seniorsmmjnetwork
- Dec 20, 2014
- 1 min read
In the month of August, Washington State collected roughly $1.75 million in tax revenue from legal Pot dispensaries. By October, it nearly doubled. The amount of revenue generated climbs each month as more product enters the supply line for State licensed outlets.
The forecast by the Economic and Revenue Forecast Council showed that just over $25 million from a variety of legal marijuana-related taxes (including excise, sales, and business taxes) is expected to be collected through the middle of next year. An additional $207 million is expected for the next two-year budget that ends mid-2017. And $404 million is expected for 2017-19 budget biennium.
Where does this tax money go? Good question, we're glad you asked. Retail sales of legal Pot has been earmarked for substance-abuse prevention programs, research, education and healthcare.
All in all, the taxes are in place to benefit everyone while those needing a safe and reliable place to get MMJ becomes available. The I-502 initiative legalizing recreational Pot was crafted with responsibility in mind and voted into law by the caring citizens of Washington.
Here are a few links to other sources covering this story -
CBS Seattle -
Fortune Magazine -
Marijuana Business Daily -
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