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MSM remains Washington’s top seller for fourth straight month
FOR IMMEDIATE RELEASE: Main Street Marijauana remains Washington’s top seller for fourth straight month
Prices expected to drop dramatically throughout the state this summer
Vancouver, Washington, July 8, 2015 – Main Street Marijuana remained Washington’s largest recreational marijuana retailer in June, netting $1.76 million for the month.
It is the fourth month in a row that the company has held the title, according to information tracked by the state Liquor Control Board.
The store will celebrate its first year of operations on July 9. The store opened to a street fair and celebrations on that date in 2014. It was the first to open in the Greater Portland area.
Main Street Marijuana, which anticipates $2.5 million in sales and $780,000 in Washington taxes this July and has more than 250 items in stock, is likely 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 sales, July 2014.
“We were number one the first month, we were number one the last four 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.
The store also had record-breaking daily sales on Thursday, July 2, and Friday, July 3, and anticipates several more record-breaking sales days throughout the summer.
“We had $250,000 in sales on that Thursday and Friday, just at our store,” Hamide said. “Friday was a record of $142,000, almost 50 percent more than our prior record of $92,000 set in June.”
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.
“I think newly legalizing states are going to go through some bumpy starts, just like we did here in Washington,” Hamide said. “The learning curve took us a while – such as getting the distribution network set up. After a year of operations, I think things are finally settling down in Washington, and I think we’ll see that happen in Oregon, Alaska and other newly-legalized states as the push toward national legalization continues.”
Recent tax changes approved by the Washington Legislature should also drop consumer prices in Washington dramatically this summer. 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.”
This fall, when outdoor harvests come in, Hamide said he anticipates selling $5 grams and $99 ounces of flower. As of this week, all flower at the store is $20 or less per gram, and Hamide said he expects those prices to drop further – with many products dropping to less than $10 a gram – over the next eight weeks.
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, firstname.lastname@example.org
Sue Vorenberg, media director, Main Street Marijuana, 360-836-5301, email@example.com