WASHINGTON: In the year since Washington state launched its legal marijuana market, tax revenues have soared past expectations with state and local governments bringing in some $70 million.
Washington pot farmers, processors and retailers have struggled to turn a profit, complaining that state and federal tax burdens are too heavy and competition from an unregulated medical marijuana market make it difficult to do business.
But this month they are getting some relief with two new laws taking effect. One regulates and taxes medical marijuana. The other cuts Washington’s three-level excise tax on pot to a single, 37-percent tax.