During the first month of legal marijuana sales in Washington state, stores sold just under $3.8 million, which is expected to bring in more than $1 million in state taxes, the state reported on Friday.
licenses have been issued for about 40 stores, only 18 were selling pot
in July, and 16 of them have reported sales so far in August.
During the first month of retail marijuana sales
in Colorado, the state collected closer to $2 million in excise and
Like Colorado, Washington will tax marijuana in two ways: sales taxes and excise taxes.
taxes are paid at three different points in the process: When the
grower transfers the marijuana to the processor, when the processor
transfers it to the store and when the retailer sells it to the
consumer. The tax rate at all three points is 25 percent.
Legislature is not banking on any marijuana revenue until the next
fiscal year begins in July 2015. They have forecast tax collections
totaling $122 million in the next two-year state budget cycle.
state of Colorado has collected $29.8 million in all marijuana taxes,
fees and licenses since recreational sales became legal in January. That
number includes medical marijuana taxes.
About $24.7 million
worth of recreational pot was sold in June in Colorado, the state
reported Friday. Colorado's July tax collections have not yet been
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