Washington legal weed update reveals that "The Evergreen State" earned $3.8 Million in marijuana sales in its first month of legalization. Meanwhile, the Washington Board has implemented stringent rules on the packaging of its edible form.
In a report by the Associated Press, Washington State is expecting to earn a total of $1 million in taxes alone, brought about by the recently imposed legalization of marijuana. As of July, only 18 out of 40 marijuana dispensaries have been given licenses, and only 16 of them have made sales as of this month.
"It's off to a healthy start, considering that the system isn't fully up and running yet," said Washington State Liquor Control Board representative Brian Smith about the Washington legal weed update.
Washington legal weed update also reveals Colorado's taxation on legalized marijuana is done through sales tax and excise tax. The latter method is paid through three different points rated at 25%: when the grower transfers the product to the processor, when the processor then transfers it to the dispensary, and finally, when the dispensary sells it to the customers.
Washington is looking to follow the same taxing methods of Colorado, and is already looking to earn around $122 million in the next two-year state budget cycle beginning July 2015.
Meanwhile, the state Board is also looking to implement stricter rules on packaging the edible forms of marijuana, such as brownies and cookies.
In a report by Time.com, the Board decided to impose the more stringent rules due to cases of children mistakenly ingesting the marijuana edibles in Colorado.
In June, the Washington Board has adopted rules, stating that products containing more than one serving size had to be marked appropriately.
"Knowing the rest of the country is scrutinizing every move Washington makes in the space, there was no way this process could have been done quicker," industry expert Ata Gonzalez explained. "Its great way the industry, and state laws allowing marijuana use, can display a certain level of responsibility in such a volatile environment."
