Washington State Legal Weed Revenue Higher Than Predicted (& Getting Higher)

Business
Washington State Legal Weed Revenue Higher Than Predicted (& Getting Higher)

Colorado and Oregon aren’t the only states reaping the rewards of legal cannabis — 2016 is shaping up to be Washington State’s legal weed industry’s most lucrative yet, with sales generating almost as much revenue the first half of this year than the whole of 2015.

Heading into the start of the 2016 fiscal year, Washington recreational marijuana had generated more than $660.6 million in sales, bringing in over $126.6 million in taxes for the state.

These tax dollars go to statewide healthcare and other public service budgets, in addition to funding research on the effects of marijuana on the body and mind, as well as programs aimed to keep weed out of the hands of minors. Since August 2015, daily sales have exceeded $2 million, which brings at least $13 million of taxes per month for the state government.

As of now, the state has issued 648 Producer/Processor licenses, and 307 retail licenses (though only 229 are currently reporting sales). November 2015 saw 46,082 pounds of legal recreational marijuana produced in the state alone; it’s safe to say there will be no shortage of product in Washington for the foreseeable future.

With the states that have legalized reaping so many benefits and rewards (jobs, tax revenue, reduced incarceration), it would be a shock if more states didn’t legalize this November. (Looking at you, California.)