Oct 202014
 October 20, 2014

seattle washington marijuana cannabis cup high timesLegal recreational marijuana sales started in Washington near the beginning of July. However, until very recently, there was only one legal recreational marijuana store in Washington’s largest city of Seattle. There are now two stores in Seattle, with hopefully more opening sooner than later. The Seattle marijuana market consumer base is by far the largest in the state, and that translates to enormous sales revenues. How much does a Seattle marijuana store make in a day? Per Capitol Hill Seattle:

Anybody who thinks Washington’s I-502 pot business is fun and games better just mellow out. CHS has obtained records from the state that document the first week of sales at Uncle Ike’s, the first I-502 retailer to operate in Central Seattle within wafting distance of Capitol Hill. The totals are impressive.

According to the state liquor board, the 23rd and Union pot shop started things off with a bang, netting nearly $17,000 in marijuana sales on its September 30th launch day. The rest of the week didn’t fade generating an average take of $13,736 per day.

If current trends persist, that would work out to roughly $5,000,000 in a year. For those keeping track of taxes, the store has generated roughly $3,500 per day in tax revenue, which would work out to roughly $1.27 million dollars a year in tax revenue. And that’s one store. Obviously, as more stores open up in Seattle, I’d expect those numbers to dip a bit. But that’s still a very staggering figure, one so large that it’s hard to ignore. Why is every city and state in America not doing this?

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  7 Responses to “How Much Money Does A Seattle Marijuana Store Make In A Day?”

  1.  

    It will happen. As soon as yearly figures are in for Colorado and Washington, you will see a bigger shift in opinion that will go from “what about the children?” to “hey, that’s pretty good money! we should be doing this too!”

  2.  

    With this consistent revenue stream it’s becoming more apparent that these stores are significantly gouging patients, especially on edible pricing.
    Nobody minds seeing a business perform well financially. However, this level of revenue is being acquired on the backs of many patients that rely on the medication in order to function more comfortably during the day but are beginning to have a problem affording it.
    I don’t want to see these businesses taken over by a governmental entity, but unless they get a grip on the reality of price gouging and the manner in which it’s beginning to impact their customers, this is likely to occur.

    •  

      Seattle and Washington still have independent medical marijuana dispensaries unrelated to the retail stores as mentioned in the article. Patients are not being affected.

  3.  

    Is the average of $13,736 gross sales? Do we have their net income (profits, after all expenses are paid)?

    Given the current lack of competition, are there any reliable estimates of future earnings, once additional retail outlets open?

    It would be interesting to examine similar data from Colorado stores.

  4.  

    Legal marijuana shops should use some of their earnings to higher proper security personnel. The above mentioned pot shop does, but as this guest article suggests, legal cannabis shops have enough dough to hire proper security personnel: http://goo.gl/JBVe3i

  5.  

    Love that spaced- out looking Space Needle !!

  6.  

    At the High Times Cup a few weeks ago, a panel of 502 growers, processors, and retailers participated in a panel discussion led by a 502 attorney. The one thing these business owners all agreed on was that, under the current tax and regulation structure, none of them can be profitable. They all pretty much hate the Liquor Control Board and believe that they are an impediment to their businesses by continually changing the rules and regulations. We all these people lying? You can look up the youtube and watch it yourself. But if you believe them, they not making any money off 502.

    Unfortunately that’s not likely to change for the foreseeable future. The legislature doesn’t dare lower the current onerous tax rates. They are facing a $6.5 billion dollar budget deficit and the last thing they’ll be doing in the 2015 session is lowering ANY taxes, especially not on recreational marijuana….that was sold to them as a cash cow….and has now turned into a black hole. Current revenues can’t even fund the administration of the LCB marijuana program and no one seems to know where continued funding will come from in 2015. The legislature has no intention of dumping more money down that black hole, at the same time they’re cutting state jobs and social services.

    You can talk about gross sales numbers all you like. At $1,150 an ounce and $75 for 3-10mg cookies, they don’t have a sustainable business model. I was at a farmers market on Sunday and found excellent flowers at $120-$150 an ounce. You think there are enough stupid people that would pay $1,150, instead of $150, for the “privilege” of buying their marijuana from the state? Honestly, would YOU really do that?

    This system needs to be regulated by the Department of Agriculture, like hemp, and (hopefully) medical cannabis. It ONLY makes sense to have the one state agency that’s in charge of crops to be in charge of this crop as well. They would have had all the outdoor recreational growers up and running months earlier, in time for the growing season. They understand how to deal with pollen cross-contamination….remember….we’ll be growing hemp all over the state and the Liquor Board issued outdoor growing licenses to recreational growers….even though they were warned about the imminent problem that will take place next spring. I warned them three times in hearings. They choose to ignore the problem. The Dept. of AG wouldn’t make that kind of critical mistake. So….will all the outdoor recreational crops be seed crops by this time next year? Someone is likely to be VERY unhappy about that! The problem is solvable, but no one is even working on it at the moment….and they only have six-seven months to come up with regulations….then it’s planting time. Oooops!

    The Department of AG would provide uniform testing and quality control for all things cannabis. The Liquor Board brought ZERO expertise to this project and this is what happens when you knowingly put totally unqualified people in charge of an entirely new industry. Even if they were smart, (facts not in evidence) their chances of succeeding with no experience with ever growing anything before, were almost non-existent. Believe me, everyone with a 502 business would welcome having the Dept. of Ag. running recreational marijuana in Washington.

    If you live in Oregon…..take heed. You do NOT want the Liquor Board in charge of anything to do with plants. Would you go to a gynecologist if you needed a tooth pulled or needed your oil changed?

    Steve Sarich
    Cannabis Action Coalition

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