This post from Marijuana Policy Project blog highlights the remarkable tax revenues generated by the Washington marijuana industry. This legal industry has also created new jobs and reduced the profits of criminals.
Voters in Washington made marijuana legal for adults in 2012, but they could not purchase marijuana in regulated retail stores until mid-2014. Since then, the legal industry has been raking in money for the state, in addition to providing jobs and depriving criminals of profits.
Washington state took in $65 million in tax revenue from the recreational marijuana market during the first 12 months since it became legal to produce and sell, according to data released by state regulators this week.
The revenue was generated by cannabis sales of more than $260 million from June 2014 to June 2015, according to data released by the Washington State Liquor Control Board, which oversees the distribution of cannabis.
Retailers sold more than 23,000 pounds of marijuana of the 31,000 pounds produced in Washington during the year, state data showed.
This is just more evidence that shows regulation works.