OLYMPIA — Washington’s legal recreational marijuana market is bringing in more tax revenue to the state than originally predicted.
The most recent revenue forecast released Wednesday by the Economic and Revenue Forecast Council shows that the industry is expected to bring in more than $694 million in state revenue through the middle of 2019. A previous forecast in September had that projection at about $636 million.
The latest report shows that nearly $43 million from a variety of marijuana-related taxes — including excise, sales and business taxes — is expected to be collected through the middle of next year.
About $237 million is expected for the next two-year budget that ends mid-2017, and $415 million more is expected for the 2017-19 budget biennium.
The passage of Initiative 502 in 2012 allowed the sale of marijuana to adults for recreational use at licensed stores, which started opening this summer.
