First Year of Legal Weed in Washington State Earns $65M in Tax Revenue
Since legalization of recreational pot in 2012, implementation finally yields results. Washington state generated $65 million in tax revenue from its inaugural year of legal pot retail, gleaned from the sale of over $260 million in weed sales. Recreational Cannabis possession, retail, consumption and production were legalized by voters in 2012 under the auspices of Initiative 502 (I-502).
Pot shops are regulated by the Washington State Liquor Control Board (WA LCB), the website of which publishes weekly reports on the financial aspects of the state's legal weed industry. The first annual report was recently released.
Adults aged twenty-one and over have been allowed to purchase one ounce of marijuana, sixteen ounces of other products containing cannabinoids or up to seventy-two ounces of pot-infused liquid products since June of 2014. The current average of daily sales is listed at $1,294,299, according to the WA LCB.
In the past year, Washington's pot producers have grown 60,659 pounds of flower product, of which 30,691 pounds was 'usable marijuana'. From the usable crop, 23,573 pounds of weed were sold in the past twelve months. In addition, 2,042,379 grams of cannabinoid extracts and a host of other Cannabis commodities were produced and sold.
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