Billionaire Washington Marijuana - Washington Reaches $ XNUMX Billion in Cannabis Sales
After three years of expanding the recreational marijuana industry, Washington State has officially sold over $ XNUMX billion worth of marijuana - 1 240 899 663 $ to be exact… Washington State taxes on cannabis (and alcohol, for that matter) are the highest in the United States - the national tax on recreational marijuana is 37%! This high tax means the state has raked in money since recreational cannabis legalized. Of that total of $ 1,2 billion in cannabis sales, the state as a whole has generated more than $ 350 million in tax revenue. If you are wondering where the tax money is going, here are the “official” highlights
Main Street Marijuana
The top-selling cannabis store is surprisingly not located in downtown Seattle. Main Street Marijuana sits on the border of Oregon and Washington DC, in the city of Vancouver, and totals no less than $ 31 million in sales, solely in the sale of cannabis. Recreational cannabis in Washington passed two years before Oregon, which explains the success of comers to the border; marijuana users are flocking to buy cannabis without a prescription. However, with the new recreational cannabis market in Oregon, the numbers in Vancouver are expected to stabilize.
When it comes to counties, cannabis sales in King County, Seattle, Bellevue, and the Federal Way, towered above the rest of the state. With a total of 79 stores of cannabis retail. In King County alone, $ 27,9 million worth of cannabis was sold in October 2016 !! - these sales are to be added to the 7,5 million dollars of tax revenue of the county, only for October… In all, it is 350 million dollars of tax receipts which are distributed in the main lines proposed by the State
$ 1,43 million will be withdrawn every 3 months:
• $ 125 went to the Department of Social Health Services to administer a data collection survey called The Washington State Healthy Youth Survey. The survey is designed to assess drug use among minors and how substance use affects school performance and behavior…
• $ 50 went to the same department, the Department of Social Health Services, to conduct a cost benefit assessment of the cannabis industry.
• $ 5 is donated to the University of Washington for alcohol and drug abuse programs. Studies will also be conducted on the health risks associated with the consumption of marijuana ...
• No more than 1,25 million dollars will be paid to the Liquor Control Board for the regulation of cannabis.
The remaining tax revenue will be distributed as a percentage of:
• 50% will go to the Washington State Basic Health Plan account.
• 15% will be assigned to the Department of Social and Health Services for youth addiction prevention programs.
• 10% will go to the Department of Social and Health Services or to marijuana education programs.
• 5% will meet with the Washington State Health Care Authority to provide primary health care and dental care.
• 1% will go to Washington Universities, Washington University, and Washington State University to study the long-term effects of marijuana use.
End of the black market
With all the money generated from cannabis sales, 37% of the tax went back to state infrastructure ... In Colorado, much of the cannabis sales go into the state education program, from school infrastructure to the construction of new education and prevention centers.
The citizens of Washington state had the impression that the tax revenues generated by the sales of cannabis would be scattered throughout the education system, but the breakdown paints a whole different story. Interestingly, the majority of Washington's tax revenue goes to the Liquor Regulatory Commission (the WSLCB) ...
Vicki Christophersen, a marijuana lobbyist and head of the CannaBusiness Association in Washington, says the numbers prove the success of a regulated (cannabis) industry against the black market.
She explains that despite the relatively high taxes, the products on the stalls are legitimate and “Are competitive with what we thought the black market was at one point. "