New pot sales figures show staggering growth continues
Looking at Washington’s most recent recreational marijuana sales data, it’s easy to see how the young industry could become a multibillion moneymaker for the country if legalization continues to spread.
Last fiscal year, Washington’s budding legal pot market made more than $259.7 million in sales, while raising some $64.9 million in tax revenue for the state. But the past month and a half of sales have put those numbers to shame.
Average daily sales are up to about $1.95 million statewide for August, according to data released by the Washington State Liquor and Cannabis Board this week. That’s an increase of more than $100,000 from the same measure in July, which was the highest average daily sales figure we’d seen at the time.
The Evergreen State is on pace to sell more than $60 million worth of cannabis this month alone. And that’ll be a first.
The record for a single month of sales is slightly more than $59 million, a mark the industry reached just a few weeks ago. July came to a close with the market’s hottest day yet: more than $3.9 million in sales.
Based on these figures, the industry will likely sell about $120 million worth of marijuana for only the first two months of this fiscal year. Pencil that out for the rest of 2015, and the market is easily on pace for an increase of more than $300 million in sales from last fiscal year.
Go ahead. You can pick your jaw up from the floor now.
But hey, let’s be real here. It’s hard to predict this stuff, nearly impossible really. The bottom line is Washington’s legal pot industry just continues to boom as other states continue to watch the experiment unfold.
Sales haven’t begun to slow down here. They’ve only grown month after month after month after… You get the picture. And we haven’t seen a single dip yet.
Also, the strongest sales days so far have always fallen in the last 10 days of the month. I highlighted that trend a couple weeks ago after scanning the data for each month since sales began last July. Keep that in mind as the end of August approaches.
– Justin Runquist