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. Sales have consistently increased since cannabis became legal for recreational use in Washington. In 2016, sales went up by an average of seven percent each month, with its overall market essentially doubling from 2015.
Overall, the state saw $626M in legal cannabis sales in 2016. That compares to $355M in 2015 and $42M in 2014. Here’s a quick breakdown of that number:
Flower accounted for $376M in sales in 2016, with $208M going to hybrid, $99M to Indica and $69M to Sativa. It is interesting to note, however, that flower’s market share is on the decline, going from about 64% of sales in 2015 to about 58% in 2016. This is common across the board in the industry, and is likely due to the regular introduction of brand new cannabis products to the market.
Concentrates accounted for $125M in sales in 2016, with $42M going to vape, $37M to unspecified concentrate products, $24M to wax, $12M to oils and $10M to shatter.
Edibles accounted for $57M in sales in 2016, divided up in this way: $1M for candy, $11M for chocolates, $9M for infused foods, $9M for tinctures, $6M for pills/other and $5M for beverages.
Miscellaneous marijuana products accounted for $68M in sales in 2016, including $60M for pre-rolled products, $4M for topical products and $4M for “others.” An interesting note about pre-rolled cannabis products: one study revealed that about 30% of all purchases at retail marijuana locations included at least one pre-rolled item, most likely due to their convenience. The market for legal cannabis in Washington is looking incredibly strong, with continued growth throughout 2017 a near-certainty. Expect to see greater segmentation in products along demographic lines and more types of products debuting throughout the year as the industry continues to mature and expand.
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