Last year Washington became the second state to launch a recreational marijuana market. It had just a few recreational dispensaries that were selling high-priced marijuana to lengthily lines of customers.
A year later, Washington state has about 160 operating recreational dispensaries and tax revenues have soared past expectations.
Washington did around $250 million in marijuana sales in the past year. And about $62 million constitutes marijuana excise taxes. The state’s original forecast was $36 million. And when state and local sales and other taxes are included, the total revenue for the state’s government tops $70 million.
Colorado, the first state to legalize recreational marijuana use, earned nearly $44 million from tax revenue in it’s first year and is predicting it will bring in $94 million during 2016, its third year.