Legal cannabis has been regulated in Washington State since the first recreational pot shop opened in the summer of 2014. Since then the state’s legal weed industry has been growing steadily, with new numbers from the Washington State Liquor and Cannabis Board showing that in the fiscal year 2017 the Evergreen State’s cannabis industry has already grown over 150,000 pounds of sticky icky and brought in over $1 billion.
In the 2017 fiscal year, which runs from July 1st, 2016 to June 30th of this year, Washington’s canna-businesses have harvested over 350,000 pounds of cannabis plants in total, with almost half of that weight ending up on dispensary shelves in one form or another.
Thanks to the wonders of regulation, the Washington Liquor and Cannabis Board knows exactly how much of that weed was sold as flower, and how much was turned into the myriad of products that show up on retail shelves. Out of that 150,000 pounds of flower, Washington’s professionals produced over 20,000 pounds of cannabis extract. In fact, the 2017 fiscal year has already seen almost 3 million individual edibles fly off shelves and over 5 million vape cartridges.
Those sales have resulted in over $1.2 billion worth of legal weed transactions already, with over two months left in 2017’s financial calendar.
According to a breakdown from The Weed Blog, those production and sales totals are far and away the state’s highest since legalization was implemented. That’s good news for Washington’s tax purse, which has already seen over $233 million from legal weed sales this year.
So while states across the nation debate whether or not to regulate and tax their own legal weed markets, Washington, like Colorado before it, is proving that year after year, canna-businesses can continue to grow and bring in piles of revenue for state and local municipalities.