$694 Million Expected In Washington State Pot Tax Revenue Through 2019

WASHINGTON:  Washington’s legal recreational marijuana market is bringing in more tax revenue to the state than originally predicted, state officials said Wednesday.

The most recent revenue forecast released by the Economic and Revenue Forecast Council shows that the industry is expected to bring in more than $694 million in state revenue through the middle of 2019. A previous forecast in September had that projection at about $636 million.

The latest report shows that nearly $43 million from a variety of marijuana-related taxes – including excise, sales, and business taxes – is expected to be collected through the middle of next year.

About $237 million is expected for the next two-year budget that ends mid-2017, and $415 million more is expected for the 2017-19 budget biennium.