Cannabis Industry Taxes
It’s one thing to explain to consumers why marijuana costs so much and another to tell them where that money will go.
With the passing of Initiative 502, the state dictated that three new 25 percent excise taxes will be placed on each of the three levels of marijuana licensed businesses: producers, processor and retailers. This could give some wary customer a little as to the why their legal pot costs $840 an ounce, but it might also help to explain how the state plans to spend that money.
Many people saw dollar signs in the passage of Initiative 502, but the real business climate might prove treacherous.
Jessica Allen, a CPA with RainCity CPA, has already gained a wealth of experience dealing with interested entrepreneurs who want to take advantage of marijuana’s legalization. However, she has grown dismayed over hurdles the state has set in front of businesses trying to develop.
Their home page may not be inspirational, but the Washington State Liquor Control Board is posting all kinds of fun information on their website. Recently those fine folks started providing recreational marijuana sales by day.
It would be super to see this data broken out by flowers vs. edibles. We’ve seen that information broken out in Colorado. But since this data is sourced from tax returns, it’s all we have for now.