Legal recreational cannabis sales began two years ago in Washington State on July 1st, 2014, and new data shows that the market is booming since its introduction.
According to data from the Liquor and Cannabis Board, over $1 billion in legal cannabis and cannabis products have been sold since the first day of sales, a massive number when you consider that cannabis was illegal just a few years ago.
The over $1 billion in sales has earned the state roughly $250 million in taxes, which will go towards public services such as school funding and healthcare.
According to the data, June of this year was the month with the most sales, with $86 million being purchased.
Sales among legal cannabis outlets are likely to grow as Senate Bill 5052 – which took effect July 1st – has led to the closure of nearly every medical cannabis dispensary in the state isn’t licensed with the state’s Liquor and Cannabis Board and paying taxes.
In Colorado, there was roughly $1 billion in legal cannabis sold last year alone, though there are considerably more cannabis retail outlets open in the state (and the prices tend to be lower, in no small part due to the smaller tax rate). Colorado’s highest selling month was this April, with $117 million worth of legal cannabis sold.