During the first 15 days of September, Washington pulled in nearly $1 million in tax revenue from marijuana sales, according to figures provided by the state’s Liquor Control Board.
State-licensed pot businesses reported $3,833,072 in sales during the past 15 days. They will pay excise taxes totaling $958,468 to the state. That tax figure 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.
Day-to-day figures have not been consistent. Here’s a look at tax figures since stores opened:
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The numbers show the state’s marijuana system is slowly increasing sales volume. During the same period last month, pot businesses paid $632,033 in excise taxes, which is about two-thirds of this month’s haul.
Since stores opened July 8, marijuana businesses have reported more than $14 million in sales and about $3.5 million in taxes due. The Liquor Control Board has licensed 57 stores and 218 pot producers.
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, though much of the money is earmarked. The $586 million figure 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.