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Seattle Times coverage of pot policy, culture and lifestyle.

July 11, 2014 at 12:02 PM

First three days of marijuana sales pull in more than $148,000 in excise taxes

With just a handful of stores opened and supply short, the state will still pull in $148,256 of excise taxes from sales on Tuesday, Wednesday and Thursday, according to figures provided by the Liquor Control Board. That number reflects sales throughout the supply chain, including those from suppliers to retailers but does not account for sales tax or business and occupation (B&O) taxes.

“I think it’s a good start for the number of stores we have open,” said Randy Simmons, the state’s marijuana project director. 

Simmons said he expects volatile revenue figures until the end of September or beginning of October when outdoor grows are expected to be harvested.

Marijuana is taxed at 25 percent as it passes through each rung of  the industry’s supply chain (producer, processor and retailer). Most excise taxes from pot is earmarked toward prevention, research and health funding. Here’s more information on how pot is taxed and where the money goes.

In February, the Washington State Economic and Revenue Forecast Council estimated the state would see $586 million from pot between 2015 and 2019. That number includes revenue from sales tax as well as B&O taxes. Although stores have already opened, the council did not make projections of revenue for this year.

As of today, 25 retail pot stores have been licensed, though many have yet to open.

Comments | More in News | Topics: marijuana, taxes, Washington State Economic and Revenue Forecast Council

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