WASHINGTON: The legal cannabis industry has been rapidly growing in Washington State since the implementation of recreational sales under I502, and along with them so too have the tax revenues due to the state. Washington’s hefty 25% excise tax, which is applied to each stage of the supply chain (, processors and retailers), has alone resulted in accrued tax obligations of nearly $10.4M due to the state from May.
The excise tax is the largest of several revenue streams legal cannabis is bringing to the state. Additionally, the state collects tax revenues from retail sales and business and occupation taxes generated from cannabis businesses. All the while, the market continues to shift toward retailers capturing an increasingly larger portion of the revenues generated by the industry leaving many industry insiders pleading with the state to pass legislation to modify the excise tax structure to a retail tax that maintains the state’s tax revenues and provides relief for producers and processors.
Here are some other insights from the Washington State Recreational Cannabis Business Intelligence Dashboard:
- Washington set a new record single day sales with $1.88M in Sales on May 29th.
- The state now has 163 licensed retail stores with 146 recording sales as of May.
- Combined Producer, processor and retailer sales were $215M through June 1st.
- Average daily sales for the month of May were $1.31M, up 8.3% from April.
If you are a producer, processor or retailer who would like to be a confidential data provider for the dashboard and receive custom business insights or would like more information about business intelligence and analytics feel free to contact Joe at email@example.com.
About Joe Armes: Joe is the founder of Analytically Correct, a data analytics services company that provides custom analytics solutions that transform data into insights to allow decision makers to focus on what adds most value. His passion is to work with organizations with deeply rooted causes to help them gain access to the knowledge needed to make timely and informed decisions.