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Legal Pot Estimate Cut as 44% Washington Tax Curbs Demand

Washington is poised to be as much of a disappointment as Colorado at filling its coffers from sales of legalized marijuana as buyers in the Pacific state balk at paying an effective sin tax rate of about 44 percent.

Revenue in Washington from voter-approved recreational pot sales, which start next month, is projected to fall 69 percent short of initial estimates as the state issues as few as 10 of 334 recreational licenses and the lower cost of medical marijuana undercuts demand, as it did in Colorado.