Oregon’s First Recreational Marijuana Retail Outlets Open Saturday

By The Associated Press

marijuana retail outletsStarting on Saturday, residents can buy Oregon marijuana for recreational use at shops intended for that purpose.

The Oregon Liquor Control Commission announced on Friday it has approved licenses for 26 retailers around the state, meeting a key deadline almost two years after voters passed a ballot measure legalizing pot.

“It’s a pretty exciting day for the OLCC,” Steven Marks, the executive director of the commission charged with regulating recreational marijuana, said in a conference call with journalists. He said 12 recreational retailers can start operating as soon as Saturday.

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Average Legal Cannabis Sales at $4.5 Million Daily in Washington State, Record High

Cannabis SalesLegal cannabis sales in Washington State are on the rapid increase as more outlets open their doors and as patients continue to shift away from the hundreds of unlicensed dispensaries that were forced shut in July. For the month of September the average daily cannabis sales have been $4.5 million, according to data from Washington’s Liquor and Cannabis Board. This is a $300,000 per day increase from the last time we reported on daily cannabis sales in the state roughly a month ago; and that was already a $400,000 increase from the month before.

The state garners over $800,000 in taxes every daily from the $4.5 million in legal cannabis sales. Earlier this month we reported that there was more legal cannabis sold in Washington in August than any state in history, roughly $130 million. From this the state garnered around $25 million in taxes.

Read moreAverage Legal Cannabis Sales at $4.5 Million Daily in Washington State, Record High

Over $130 Million in Legal Cannabis Sold in Washington State in August

moneyThere was over $130 million in legal cannabis sold in Washington in the month of August, resulting in roughly $25 million in taxes, according to new data released by the state’s Liquor and Cannabis Board.

So far for fiscal year 2017, which began on July 1st, there has been nearly $250 million in legal cannabis sold, resulting in nearly $50 million in taxes. Currently there is an average of over $4.2 million in legal cannabis purchased each day, which results in over $700,000 in daily taxes.

Read moreOver $130 Million in Legal Cannabis Sold in Washington State in August

WA: Over 5.3 Million Pounds of Legal Cannabis Sold in July

Legal CannabisIn July alone there was 5.3 million pounds of legal cannabis sold in Washington State, according to data released by the Liquor and Cannabis Board. These sales resulted in roughly $20 million in taxes.

In addition to the 5.3 million pounds of “usable” cannabis sold, there was 485,000 units of cannabis extracts sold, 285,000 units of edibles sold, 70,000 units of liquid edibles sold, and 14,000 units of topical cannabis (lotions and ointments) sold.

Recently we reported that there is $3.8 million of cannabis sold legally in the state each day, garnering over 700,000 in daily taxes.

Read moreWA: Over 5.3 Million Pounds of Legal Cannabis Sold in July

$3.8 Million of Legal Cannabis Sold Each Day in Washington State

According to new data released by Washington State’s Liquor and Cannabis Board, there is $3.8 million in legal cannabis sold each day,legal cannabis sold each day resulting in approximately $700,000 in daily tax revenue.

For fiscal year 2016, which ended on July 1st, there was just shy of $1 billion sold ($972 million). From this, the state garnered $185 million in taxes.

So far for the month of July, there has been $96 million sold, resulting in $18 million in taxes for the state; this is based on 12,000 pounds of sold cannabis, and 858,000 units of infused cannabis products (either edibles, topicals or oils).

Read more$3.8 Million of Legal Cannabis Sold Each Day in Washington State

Report: Cannabis Shops Make More Money Per Square Foot than Whole Foods

cannabismoney1In states where cannabis is legal, the market has unsurprisingly thrived, with huge amounts of revenue – and taxes – rolling in. Now, a new report shows that on average, legal cannabis businesses in the U.S. produce an annual revenue per square foot that’s higher than Whole Foods, one of the nations most profitable grocers.

According to the 2016 Marijuana Business Factbook, the average annual revenue per square foot of legal cannabis retail outlets (medical and recreational) is $974. By comparison, Whole Foods’ yearly revenue is $930 per square foot, roughly 5% lower.

Read moreReport: Cannabis Shops Make More Money Per Square Foot than Whole Foods

Colorado: Over a Quarter Billion Dollars in Legal Cannabis Sold in First 3 Months of 2016

cannabismoneyThere was over $270 million in legal cannabis sold in Colorado in the first three months of the year, according to the state’s Department of Revenue. At this rate, there will be roughly $1.1 billion sold throughout 2016, an $100 million increase from 2015, and a $400 million increase from 2014.

In March, the most recent month where sales data is available, there was $55 million in recreational cannabis sold, and $33 million in medical cannabis sold. This marks a 30% increase from March of last year.

Read moreColorado: Over a Quarter Billion Dollars in Legal Cannabis Sold in First 3 Months of 2016

Legal Cannabis Sales Expected to Reach $23 Billion in 4 Years (Infograph)

Last year there was $5.7 billion in legal cannabis sales sold throughout the Untied States, According to a new report, that number is set to more than quadruple to $22.8 billion by 2020; just 4 years.

According to the newly released 4th Edition State of Legal Marijuana Markets Report from ArcView Market Research and New Frontier, most of the increase will be attributed to an large boost in recreational cannabis sales, as more states legalize the plant, and as states that have already legalized it expand the number of retail outlets in operation.

Below is an infograph, provided to us by USA Today, visualizing the above-mentioned report:

Read moreLegal Cannabis Sales Expected to Reach $23 Billion in 4 Years (Infograph)

Over $5.4 Billion in Legal Cannabis Sold in the United States in 2015

cannabismoney1Legal cannabis sales in the United States passed $5.4 billion in 2015, according to a new report released by the ArcView Group, which is a cannabis investment network.

According to the report, the $5.4 billion represents an $800 million increase from 2014, when total sales of legal cannabis reached $4.6 million.

“Many in the business and financial sector have taken a ‘wait and see’ approach to the legal cannabis industry”, says ArcView Group CEO Troy Dayton. “The new data confirms what pioneer investors and entrepreneurs suspected.  Legalization of cannabis is one of greatest business opportunities of our time and it’s still early enough to see huge growth”.

Read moreOver $5.4 Billion in Legal Cannabis Sold in the United States in 2015

WA: Enough Cannabis Sold in Past 7 Months to Fill 45 Million Joints, Enough Oil for 40 Million Dabs

joint1In Washington State, cannabis is big business. Despite the state having a system that puts arbitrarily low caps on the number of cannabis businesses allowed, we recently reported that there is $2.3 million in legal recreational cannabis sold each day, according to the Liquor and Cannabis Control Board. Further data from the Board, however, paints a clearer picture of just how much cannabis is being purchased in the state.

According to the Board, there has been 50,232 pounds of usable cannabis sold during fiscal year 2016, which began on June 30, 2015. This comes out to roughly 22.5 million grams. If you determine that the average joint weights around half a gram (not a particularly large joint), this comes out to around 45 million joints worth of legal cannabis sold in less than 7 months.

Read moreWA: Enough Cannabis Sold in Past 7 Months to Fill 45 Million Joints, Enough Oil for 40 Million Dabs