Washington state’s recreational marijuana sales have only been underway since July, but already state officials have disclosed that the market is producing more revenue than originally expected.
In a report released by the Economic and Revenue Forecast Council, experts indicate that by mid-2019, the recreational marijuana industry should be bringing in more than $694 million in state revenue — about $60 million more than was originally forecast.
According to AP writer Rachel La Corte, “the state has issued 86 retail marijuana licenses, and 70 stores have opened. As of this week, revenue from total sales of recreational marijuana… totaled more than $40 million, with the state receiving more than $10 million in excise taxes.”
“We will continue to see growth in the number of producers, of processers and of retailers,” said Steve Lerch, the revenue council’s executive director. And with more retailers, “we would expect to see some growth in those revenues.”
Sources:
http://www.komonews.com/news/local/Millions-expected-in-pot-taxes-through-2019-283274471.html
Photo Credit: Adrianna Broussard