Marijuana industry on pace for huge second year
The freshest sales figures from the state Liquor and Cannabis Board show promising trends unfolding this summer for Washington’s booming recreational marijuana industry.
Of course, that’s really nothing new. The market hasn’t stopped exploding since the first pot shops opened a little more than a year ago. And industry leaders don’t expect statewide sales to drop or plateau anytime soon.
Data released on Wednesday shows the industry experienced its biggest jump in average daily sales last month, and it’s only continued to pick up ever since. From June to July, that figure spiked from about $1.53 million a day to more than $1.84 million.
Whoa… That’s actually the first time we’ve seen an increase of more than $300,000 in average daily sales from one month to the next.
So far for August, average daily sales are up from July by about $8,000. From watching the trends, it looks like that average will only continue to climb the charts as the month wears on.
Why? Well, since stores began selling marijuana last July, their biggest sales days have fallen in the last third of the month. That happens every. Single. Month.
Half the time, the industry’s best sales figures have appeared in the last three days of each month. So, it looks like big things are in store for pot shops over the next two weeks, especially in Vancouver, which is home to the two highest grossing stores in the state — Main Street Marijuana and New Vansterdam.
In its first year off the ground, the recreational market sold nearly $259.8 million worth of marijuana. Just in the last two months alone, Washington’s pot shops, growers and processors have combined for more than $79.6 million in sales.
That leaves the market on pace to nearly double its sales revenue from the industry’s first year in business. But of course, as revenue continues to grow, it wouldn’t be surprising if the industry ends up selling more than twice as much marijuana as it did last year.
- Justin Runquist