Washington’s Marijuana Tax Revenue Tops Estimates

The owner of Seattle’s first legal marijuana shop purportedly owed $510,000 in federal taxes and $778,000 in state taxes after just $3.1 million in sales. In other words, it’s a business where no one is really making any money — and that’s a potentially big problem. It’s possible HB-2136 will change all that, but there are other concerns, too.

For instance, Washington harvested 13.5 million tons of marijuana flowers over the trailing 12-month period that was intended for sale. However, only 10 million of those tons actually wound up being purchased. Although some of the excess marijuana can be used for extract purposes, not all of it can, meaning growers’ supply is far outpacing demand at the moment.

To read more, visit http://www.nasdaq.com/article/washingtons-marijuana-tax-revenue-tops-estimates-but-big-problems-still-exist-cm495585

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