Moody's: Slow marijuana sales will have little impact on Washington State credit quality

New York, July 21, 2014 -- Because of an estimated 44% effective tax rate on sales, competition from medicinal marijuana, and a slow start to licensing retail stores, Moody's Investors Service says legalized recreational marijuana sales in the State of Washington could fall well short of projections in their first year. The resulting shortfall in tax revenues is not a problem for state credit quality, however, because tax revenues from recreational marijuana were always budgeted to be a minimal source of state funding. And no tax revenues were included in the 2013-15 budget.

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