Marijuana retailers bring $3.8 million in first month of legal sales in Washington

Stores in the US state of Washington have made just under $3.8m in the first month of legal marijuana sales, which is expected to bring $1 million in taxes, according to the state.

Licenses were issued to about 40 stores but only of them 18 contributed to the sales recorded in July.

Colorado reported close to $2 million in excise and sales taxes within their first month of retail marijuana sales.

It is predicted the tax collections will total at $122 million in the next two-year state budget.

Colorado reported about $221 million worth of recreational pot sold in May, with the state collecting $34.9m in all marijuana taxes, fees and licenses since recreational sales were legal in January.

The excise taxes are paid in three stages: firstly when the grower transfers the marijuana to the processor, and later when the processor sells to individual stores where retailers go on to sell it to the consumer, with the tax rate at 25% for all three stages.