Cannabis Sales Data
2016 was an unforgettable year for the cannabis industry. Four new states legalized recreational use of marijuana by adults (including the mammoth, California); while another four legalized the use of medical marijuana. Meanwhile, sales in the states that had already legalized cannabis reached nearly $7 billion, an astronomical figure. With more opportunity in new states and the industry continuing to grow in mature in other states, experts expect to see tremendous growth once again in 2017.
Recent data from the state of Washington indicates its budding cannabis industry continues to boom, which is great news for the state, as the industry has become a tremendous source of sales tax income.
2016 was a solid year for the cannabis industry in Oregon. Data provided by the state’s Department of Revenue indicates legal marijuana generated significantly more tax revenue for the state than expected, at just over $54 million. This revenue came despite some strict regulations that were expected to hamper Oregon’s recreational marijuana far more than it did.
Just one year after cannabis became legal for recreational use in Colorado, it became a billion-dollar industry. And it only took 10 months in 2016 for Colorado to reach that milestone. By the end of the year, sales of legal marijuana in Colorado reached $1.31 billion.
The Washington State cannabis industry recently reached its first $60 million month this July. At Canna Ventures, we believe insights-driven branding, strategy, and marketing are all essential to our process for building strong and lasting cannabis brands. With that in mind, this month we compiled some cannabis market data points concerning the state’s top selling producers, processors, retailers, product categories, product types, brands and more, from some of the most trusted resources in the industry.
Drinkables have emerged onto the legal marijuana product scene in a big way. Despite some recent, literal explosions on the market the user-friendly method of imbibing marijuana has taken first Colorado, then Washington by storm.
A Bevy of Beverages
Lemonades, fruit juices, coffees and sodas have joined the cadre of caramels and trail mixes to give canna consumers a new way to relax. The infused-drinks are mostly made by grinding marijuana and then letting the concoctions stew until the desired potency is reached. Of course, Washington restrictions maintain that a serving cannot exceed 10 milligrams of THC.
Who is buying recreational marijuana in Washington State? A lot of Oregonians. Some folks from Idaho. Washington residents to be sure, but also, a lot of Oregonians.
The Washington State Liquor Control Board (WSLCB) released detailed marijuana sales data from July 8 through October 6th last week.
The data allows us to look at sales by retail establishment, so we can finally see where sales are occurring. Nearly $14 million in recreational marijuana has been sold in Washington since July 8, 2014.