First Three Days Of Marijuana Sales Pull In More Than $148,000 In Excise Taxes

Alexandria Sage/Reuters

WASHINGTON:  With just a handful of stores opened and supply short, the state will still pull in $148,256 of excise taxes from sales on Tuesday, Wednesday and Thursday, according to figures provided by the Liquor Control Board. That numbers reflect sales throughout the supply chain, including those from suppliers to retailers but don’t account for sales tax or business and occupation (B&O) taxes.

“I think it’s a good start for the number of stores we have open,” said Randy Simmons, the state’s marijuana project director. 

Simmons said he expects volatile revenue figures until the end of September or beginning of October when outdoor grows are expected to be harvested.

Marijuana is taxed at 25 percent as it passes through each rung of  the industry’s supply chain (producer, processor and retailer). Most excise taxes from pot is earmarked toward prevention, research and health funding.

 

Read full article @ Seattle Times

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