Washington State Marijuana Sales Top $250 Million
The first full year of retail cannabis sales has been a success.
One year ago Washington implemented I-502 and became the second state in the country to offer fully regulated marijuana to adults.
Form the outset there were high taxes and a limited number of retail outlets. Growers were charging such high prices that a few of the early stores closed down for a spell.
But after 12 months the legal cannabis economy has delivered on many of it’s goals.
State regulators report that more than $250,000,000 was sold and more than $70,000,000 in taxes collected.
Crime and traffic problems have not increased. Use among youth has remained flat.
The state and municipalities have saved tens of millions from their criminal justice system being unburdened by prohibition enforcement.
The underground economy has not disappeared. Some towns have not allowed marijuana businesses. But, overall, the first year has been a resounding success.
David Rheins, Executive Director of the Marijuana Business Association wrote in Freedom Leaf magazine, «Entrepreneurs can have reason to hope for some relief in the availability of capital to fund the nascent industry. As the economic muscle of the industry continues to develop, we’ll see a corresponding relaxing of local moratoriums and zoning bans, and a gradual normalization of Washington’s legal cannabis industry.»