The six stores that launched sales on October 9 generated $258,411.58 in sales dollars and $25,841.16 in total sales tax revenue to the state collectively over the long weekend, according to the Office of Marijuana Policy.
The change allows for a 75 percent conversion rate for wet weight to dry weight on an excise tax that is calculated per pound of marijuana.
Adult use marijuana businesses must provide evidence of the required tax registrations as part of the application for an active license.
Read this post to understand why resale certificates play an essential role in ensuring tax compliance.
