The state of Washington has seen beneficial growth in taxes from the legalization of marijuana. Cannabis sales have been profitable each consecutive month and are only growing. Since sales began on July 8, 2014, retail stores have made $31.6mm combined in revenue from sales with $7.9mm in taxes for the state. On this growth trend, it is forecasted that about $200mm in sales will be reached over the next 12 months.
In Washington State, November retail marijuana sales rose 24% from the previous month with a total of $16mm. Revenue and tax collections from recreational marijuana have risen each month. These data portray the immediate benefits the state receives as the legalization of marijuana is set in play. This type of data is the solid argument it needs to legalize and regulate medical marijuana across all the other states. The sales numbers show the potential to boost state and cities out of the economic slump from the past several years.
Washington State, along with Colorado and Michigan, has presented solid sales numbers to help convince lawmakers to rewrite cannabis laws that could create millions of dollars by creating a system to regulate dispensaries and collect industry specific taxes.
With the taxes collected from cannabis sales, Washington State can use that capital to focus their time and money on other matters of interest. On a steady pace to see sales numbers rise, Washington state’s economy has got the boost it needed to jump start overall growth. Many retail stores need medicinal marijuana merchant account services to tailor to their needs and specific industry. Marijuana Merchant Account has experience working in this industry and has the most knowledgeable staff and services to aid in the marijuana business.
For medicinal marijuana merchant account services, contact us today!