Cannabis Tax Revenues On A Steep Rise In Early-Legalizing StatesMarch 5, 2019
Less than five full years since recreational marijuana became fully legal in Washington state, tax collections have exceeded $1 billion cumulatively, according to Impact Databank. Last year, Washington’s cannabis tax revenues amounted to $370.3 million, a 9% increase over 2017. Since July of 2014, when marijuana became legal, Washington has collected a total of $1.12 billion in revenues.
Washington leads all U.S. states in tax collections from cannabis, but California is beginning just its second year of legalized recreational marijuana, and is poised to overtake Washington in tax revenues before the end of 2019 after collecting $345 million last year. Currently, 10 states and the District of Columbia have legalized cannabis for recreational use. Along with Washington and California, other states among the top five in cannabis tax revenues include Colorado (+8% to $267 million last year), Oregon (+39% to $109m), and Nevada (+186% to $87m).—Juan BanaagSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.