Washington Cannabis Industry
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.
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.
I 502 in Washington won the minds of 2012 voters, gaining 55.7 percent of the vote, but a large number also voted against, and hate to see retail stores popping up in their state. Taking the results apart county by county, we thought it would be interesting to see the differences in sales versus votes. Let’s see how the numbers stack up.
It’s one thing to explain to consumers why marijuana costs so much and another to tell them where that money will go.
With the passing of Initiative 502, the state dictated that three new 25 percent excise taxes will be placed on each of the three levels of marijuana licensed businesses: producers, processor and retailers. This could give some wary customer a little as to the why their legal pot costs $840 an ounce, but it might also help to explain how the state plans to spend that money.
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.
One hundred and forty nine retail marijuana stores now serve the customers of Colorado, their experiences giving countless lessons for Washington marijuana stores to learn.
As this infant recreational industry takes its first few steps into the public eye, critics and curators alike have quickly pointed out any stumbling along the road less traveled, here and in Colorado. Rather than let the fledgling marijuana stores sink in the turbulence, businesses should view each misstep as an opportunity to improve individual locations, the industry as a whole, and the public’s view of legalization.
Many people saw dollar signs in the passage of Initiative 502, but the real business climate might prove treacherous.
Jessica Allen, a CPA with RainCity CPA, has already gained a wealth of experience dealing with interested entrepreneurs who want to take advantage of marijuana’s legalization. However, she has grown dismayed over hurdles the state has set in front of businesses trying to develop.
Their home page may not be inspirational, but the Washington State Liquor Control Board is posting all kinds of fun information on their website. Recently those fine folks started providing recreational marijuana sales by day.
It would be super to see this data broken out by flowers vs. edibles. We’ve seen that information broken out in Colorado. But since this data is sourced from tax returns, it’s all we have for now.