What Is Washington State Doing With All The Marijuana Tax Money? (Question)

The WA state cannabis excise tax is 37%. The consumer pays this tax at the time of purchase. Retail dispensaries are responsible for collecting the tax revenue. Cannabis bought for medical reasons is exempt from the state’s cannabis tax.

Is cannabis legal in Washington State?

  • Cannabis Is Now Legal In Washington State. Today in Washington, cannabis — when possessed in private by an adult in specific quantities — is a legal commodity. (By contrast, public consumption of cannabis is a civil violation. Existing penalties regarding home cultivation for non-patients remain unchanged.

What does Washington state do with marijuana tax?

15.56 % of the state revenue goes to the general fund. 12.59% goes to the state public school fund. 71.85% goes to the marijuana tax cash fund.

Where does Washington state tax money go?

All state sales and use tax revenues are deposited in the state general fund, except the additional sales tax on car rentals and the additional tax on motor vehicle sales, which are deposited in the multimodal transportation account.

How much money does Washington state make off of marijuana?

Based on a report from Washington State University, revenue generated by the sale of legal cannabis continues to climb. In 2020, legal cannabis in Washington added an estimated $1.8 billion to the state’s economy, and this figure is expected to rise to $2.12 billion in 2021.

How much does marijuana contribute to the economy?

The total U.S. economic impact from marijuana sales in 2021 is expected to reach $92 billion – up more than 30% from last year – and upwards of $160 billion in 2025, according to analysis from the newly published MJBizFactbook.

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How does Washington state tax marijuana?

The WA state cannabis excise tax is 37%. The consumer pays this tax at the time of purchase. Retail dispensaries are responsible for collecting the tax revenue. Cannabis bought for medical reasons is exempt from the state’s cannabis tax.

Is medical marijuana tax Free in Washington state?

Marijuana products are not prescription drugs: Sales of marijuana products do not qualify for the sales and use tax exemption for prescription drugs, regardless if they are sold for recreational or medical purposes. This $1 fee is also not subject to the B&O tax.

Where does Washington State get their revenue from?

Washington depends more heavily on excise taxes, including the general sales & use tax, selective sales taxes, and the gross receipts tax (business & occupation tax) than most any other state.

Is the state of Washington in debt?

In the fiscal year of 2020, Washington’s state debt stood at about 37.14 billion U.S. dollars. By the fiscal year of 2026, this is forecasted to increase to about 49.68 billion U.S. dollars.

What are the top 5 things Washington state spends its money on?

Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.

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