Washington state will add more than $318,000 to its coffers as a result of 10 days of legal retail marijuana sales, according to figures provided by the state’s Liquor Control Board.
That number reflects $1.27 million in 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. Here’s a day-by-day breakdown of the state’s tax haul:
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The tax figures show much lower figures for the second week of sales, which could be a result of supply shortages that forced several stores to close their doors. Seattle’s Cannabis City, for example, ran out of pot July 11.
“Until the supply lines/prices start to stabilize and stores can stay open continuously it would be premature to draw to many conclusions from the sales figures,” wrote LCB spokesman Mikhail Carpenter in an email.
Marijuana is taxed at 25 percent as it hits each link of the industry’s supply chain (producer, processor and retailer). Most excise taxes from pot are to be set aside for 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 revenue projections for this year.
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