Washington entertainment marijuana market has great economic benefits and influence, but the tax burden is high

The adult marijuana industry in Washington directly employs 11330 workers and generates more than $1.4 billion in revenue in 2020. The study was conducted by high peak strategy, headquartered in Seattle. The company counted more than 1600 enterprises with 2795 marijuana licenses in 2020, with a total tax of US $695.4 million. The annual revenue increased by 23% from 2015 to 2020. But there is also a downside: the state imposes a 37% excise tax on marijuana used by adults, the highest such tax in the United States so far. The average tax rate, including consumption tax, state and local sales tax, totalled 46.2%, which pushed some consumers to the illegal market.

Source: mjbizdaily com