icon_loop icon_cart icon_arrow-down icon_pick-winners icon_make-better-decisions icon_gofaster-gosmarter icon_equio icon_custom-research icon_conquer-the-wild icon_be-anonymous-and-secure icon_analyst-reports icon_access-realtime-data icon_youtube icon_twitter icon_linkedin icon_facebook

2017 On Pace to Set Records

Cannabit: 2017 On Pace to Set Records/ 04302017

Legal Cannabis Sales in Washington Surge; 4/20 Shatters Tax Revenue Record

  • Washington is on track for another record year of medical and adult use cannabis tax revenues fueled by strong growth in consumer demand.
  • At the pace of current sales, Washington will earn over $100 million in cannabis excise taxes* between January and April 2017, up from $66 million over the same period in 2016.
  • By late April, excise tax revenues were already up 59% from the previous year.
  • April 20, 2017, was the single highest revenue day in Washington, grossing over $2 million in tax revenue, an 88% increase from the previous year.
  • One reason for the increased revenue is the state’s decision to harmonize the adult use and medical programs in July 2016, which included a rule change that applied the 37% excise tax to previously exempt medical use sales.
  • The year-over-year growth in Washington underscores the tax revenue generating potential presented by legal cannabis, leading an increasing number of states to consider advancing adult use legalization initiatives.

*The cannabis excise tax rate in Washington is 37% which is applied to both medical and adult use sales. These revenues do not include the state sales tax which is applied only to adult use sales.

Leave a Reply

Your email address will not be published. Required fields are marked *