Politics

Washington Wants You to Stop Paying Cannabis Taxes in Cash. Good Luck With That.

Published on July 14, 2016 · Last updated July 28, 2020

The Washington State Liquor and Cannabis Board announced several proposed rules on Thursday, and one of them caught us by surprise.

In a notice sent to stakeholders this afternoon, the LCB requested public input on a budget proviso requiring electronic payment for marijuana excise tax payments.

The proposal raised eyebrows for a number of reasons, most notably because of banking restrictions for marijuana businesses. Many banks are unwilling to work with cannabis businesses, so companies in the industry are often forced to deal almost exclusively in cash. Large quantities of cash.

Shh! Here's How Cannabis Companies are Banking Legally on the Down Low

Leafly reached out to LCB spokesman Mikhail Carpenter for clarification on the new electronic pay requirement and what it could mean for Washington cannabis businesses.

“We’re not demanding that people use electronic payment,” Carpenter said. “We’re asking that they pay using a method other than cash. We’re trying to reduce the amount of cash that comes into the building.”

“Honestly, 80 percent of the people who are paying their excise tax are [already] paying in a means other than cash,” Carpenter added. An emergency rule took effect more than a month ago, he said, and the new notice is to both inform stakeholders and seek public input before formalizing the rule.

When we asked for the reasoning why the WSLCB chose to request payment methods other than cash, Carpenter’s answer was telling in its simplicity.

“Safety.”

5 Steps to Avoid Form 8300 Problems with the IRS

Shop highly rated dispensaries near you

Showing you dispensaries near
See all dispensaries
Lisa Rough
Lisa Rough
Lisa is a former associate editor at Leafly, where she specialized in legislative cannabis policy and industry topics.
View Lisa Rough's articles
Get good reads, local deals, and strain spotlights delivered right to your inbox.

By providing us with your email address, you agree to Leafly's Terms of Service and Privacy Policy.



Stay In Touch

Receive updates on new products, special offers, and industry news.

By providing us with your email address, you agree to Leafly's Terms of Service and Privacy Policy.

Leafly mobile app
Get high for less.
Download the Leafly app.
Download Leafly: Marijuana Reviews on the App Store
Download Leafly Marijuana Reviews on Google Play




* Statements made on this website have not been evaluated by the U.S. Food and Drug Administration. These products are not intended to diagnose, treat, cure or prevent any disease. Information provided by this website or this company is not a substitute for individual medical advice.


© 2024 Leafly, LLC
Leafly and the Leafly logo are registered trademarks of Leafly, LLC. All Rights Reserved.