FOR IMMEDIATE RELEASE: Main Street Marijauana remains Washington’s top seller for fifth straight month
Prices expected to drop dramatically throughout the state this summer
Vancouver, Washington, August 4, 2015 – Main Street Marijuana remained Washington’s largest recreational marijuana retailer in July, netting $2.06 million in sales for the month.
It is the fifth month in a row that the company has held the title, according to information tracked by the state Liquor Control Board.
Main Street Marijuana also collected $763,558 in in Washington taxes in July.
To date, the store has reported $11.6 million in sales and collected $3.14 million in excise taxes.
Main Street Marijuana has more than 250 items – including a wide range of edibles, vapes, concentrates and flower – in stock and is the largest recreational marijuana shop in the world, according to a survey of publicly available information, said owner and industry expert Ramsey Hamide.
“From what we know looking at state and international numbers, we are the biggest store, sales-wise, in the world,” Hamide said.
The store was also the largest seller in Washington in the first month of legal sales, July 2014, reporting $356,786 in sales and $89,197 in excise tax.
“We were number one the first month, we were number one the last five months, and what we’ve seen is a huge uptick in demand that continues to grow,” Hamide said.
The store saw a large bump in sales from Oregon’s legalization of cannabis on July 1, 2015. As Greater Portland’s largest cannabis shop, customers continued to drive over the border from Oregon to Vancouver, Washington to purchase legally regulated and tested cannabis. Main Street Marijuana is about a 15 minute drive from downtown Portland.
Part of the sales uptick is due to implementation of legal recreational marijuana in Oregon. The state doesn’t yet have a process for licensing stores or growers, and the Oregon Liquor Control Commission has said it does not anticipate Oregon recreational stores opening until October, 2016.
Oregon did recently approved a measure that will allow medical dispensaries to sell up to a quarter ounce of flower per day to consumers starting Oct. 1, 2015. However, the early start does not allow legal sales of vapes, concentrates, edibles and other items from Oregon dispensaries.
Also, flower bought at Oregon dispensaries under the early start program doesn’t have to be lab tested. All flower purchased legally in Washington must be tested for mold and other contaminants prior to sale or it is not allowed on the market.
Main Street Marijuana plans to continue to sell and add to its expanding list of vapes, edibles and other products. The store has more than 35 types of strain specific vape pen cartridges, more than 15 types of concentrate and more than 30 types of edibles available.
“We’re committed to providing the widest range of products to our customers at the best possible prices,” Hamide said. “And we think we’ll see those product lines expanding even further in the coming months.”
The store also recently dropped prices on all vape cartridges to $60 or less, with many available at $50 or $40. It dropped concentrate prices to $50 or less. And it has dropped prices on most flower to $17.50 a gram or lower – with some available at $10 a gram.
“When the fall harvest comes in, we hope to have $5 grams and $99 ounces of flower,” Hamide said. “We’re working to secure those deals right now, and we hope to be able to beat Oregon stores on both quality and price very soon.”
Recent tax changes approved by the Washington Legislature should also drop consumer prices in Washington dramatically this summer and early fall. The changes, which removed a cumbersome tax structure between stores and growers, allow recreational marijuana stores to deduct more of their business expenses. With taxes between growers and stores removed, product should also come into the market for lower prices, Hamide said.
“I see prices dropping up to 50 percent if growers and retailors pass their savings on to the custumer,” Hamide said. “Once we rotate out our current stock, we’ll see those price drops begin fairly quickly.”
Some prices are already lower than the Colorado market, which recently saw big price drops to between $30 and $45 for an eighth of an ounce, according to a recent report on http://www.convergex.com/.
About Main Street Marijuana: Main Street Marijuana has been the largest recreational cannabis store in Washington state for the past four months. Launched in the first week that sales began under the state’s Initiative 502 system, the company has adapted and grown in a constantly changing regulatory environment. Since the store launched on July 9, 2014, managers have traveled extensively throughout the state, building relationships with a wide variety of growers and processors, in order to create a diverse array of more than 250 products at reasonable prices.
For more information:
Ramsey Hamide, owner, Main Street Marijuana, email@example.com
Sue Vorenberg, media director, Main Street Marijuana, 360-836-5301, firstname.lastname@example.org