Washington State Collects An Additional $70 Million In Taxes Thanks To Marijuana Sales

Washington Launched Legal Marijuana Market With A Few Retail Stores Now There Are 160 Shops Selling $1.4 Million Worth Of Pot Per Day

Pot is the new darling of the retail business and the tax collecting business. The states that have legalized marijuana are enjoying more tax revenues, and a boost in tourism. State governments are making money taxing marijuana, but the pot growers and sellers are still having a difficult time managing their businesses. The Federal government still has marijuana on the Schedule 1 drug list, and that means pot is still an illegal and dangerous substance in the feds eyes.

Stores that sell pot are in the cash only business. They set up stores in their homes smoke weed and feel the homejoy. They pay for supplies in cash. They pay vendors in cash. They pay employees in cash, and they pay their 37 percent tax in cash. Banks won’t touch them, so pot stores always have a large amount of cash on hand.

The stores that were opened during the first year posted $250 million in pot sales. Washington budgeted a tax revenue of $36 million the first year, but when all the marijuana taxes were tallied the state brought more than $70 million in revenue. Marijuana retailers want to know what Washington is going to do with all that additional money.

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