Search Results for: By Joe Armes

MJ Research Report: Washington State Rakes In Over $10M In Single Month From Pot Tax

By Joe Armes

WASHINGTON: The legal cannabis industry has been rapidly growing in Washington State since the implementation of recreational sales under I502, and along with them so too have the tax revenues due to the state. Washington’s hefty 25% excise tax, which is applied to each stage of the supply chain (, processors and retailers), has alone resulted in accrued tax obligations of nearly $10.4M due to the state from May.

 

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The excise tax is the largest of several revenue streams legal cannabis is bringing to the state.  Additionally, the state collects tax revenues from retail sales and business and occupation taxes generated from cannabis businesses.  All the while, the market continues to shift toward retailers capturing an increasingly larger portion of the revenues generated by the industry leaving many industry insiders pleading with the state to pass legislation to modify the excise tax structure to a retail tax that maintains the state’s tax revenues and provides relief for producers and processors.

Here are some other insights from the Washington State Recreational Cannabis Business Intelligence Dashboard:

      • Washington set a new record single day sales with $1.88M in Sales on May 29th.
      • The state now has 163 licensed retail stores with 146 recording sales as of May.
      • Combined Producer, processor and retailer sales were $215M through June 1st.
      • Average daily sales for the month of May were $1.31M, up 8.3% from April.

If you are a producer, processor or retailer who would like to be a confidential data provider for the dashboard and receive custom business insights or would like more information about business intelligence and analytics feel free to contact Joe at joe@analyticallycorrect.com.

About Joe Armes: Joe is the founder of Analytically Correct, a data analytics services company that provides custom analytics solutions that transform data into insights to allow decision makers to focus on what adds most value. His passion is to work with organizations with deeply rooted causes to help them gain access to the knowledge needed to make timely and informed decisions.

MJ Research Report: Washington’s Average Daily Pot Sales Jump To $1.21M For April

By Joe Armes

WASHINGTON: Legal marijuana sales in Washington State broke the $1M per day mark in April, averaging daily sales of $1.21M.  The expanding commercial market reached this milestone on track with Analytically Correct’s predictions.

Here are a few additional key insights from the forecast:

  • Washington set a new record single day sales with $1.84M in Sales on May 1st.
  • The state now has 153 licensed retail stores with 135 recording sales as of April.
  • Combined Producer, processor and retailer sales were $176.8M through May 3rd and are on track to surpass $200M by late May.
Combined Producer, processor and retailer sales were $176.8M through May 3rd and are on track to surpass $200M by late May.

Combined Producer, processor and retailer sales were $176.8M through May 3rd and are on track to surpass $200M by late May.

If you are a producer, processor or retailer who would like to be a confidential data provider for the dashboard and receive custom business insights or would like more information about business intelligence and analytics feel free to contact Joe at joe@analyticallycorrect.com.

About Joe Armes: Joe is the founder of Analytically Correct, a data analytics services company that provides custom analytics solutions that transform data into insights to allow decision makers to focus on what adds most value. His passion is to work with organizations with deeply rooted causes to help them gain access to the knowledge needed to make timely and informed decisions.

MJ Research Report: Washington State 2015 Legal Pot Sales On Course for $450M

By Joe Armes

WASHINGTON: After another quarter of legal recreational cannabis sales on the books for Washington State cannabis businesses are still faced with many unknown factors that will impact their businesses in the upcoming months. Legislative changes, surplus inventories and continuation of local bans and moratoriums are a few of the major factors that will be driving forces in how the market grows this year.

With so many pieces of this complex puzzle at play it is highly critical for businesses to understand the market performance, the current dynamics and the insights that can be gained from what we do know.  At the end of 2014 Analytically Correct conducted the only market forecast for the Washington State Cannabis Industry,  published in the MJ Research Report in January.  Let’s take a look at how the market has performed to this forecast through one quarter of the year.

Overall, the market has performed well on a strong, predictable growth trend.  Analytically Correct’s forecast for 2015 was for $350M to $495M in combined producer processor retailer sales and through the first quarter the state in on course for $450M.

First quarter 2015 sales actuals totaled $73.5M which is right in line with of the forecast range of $56.7M to $81.8M.  While actuals for the quarter came in well within the expected range the surprise for me is how well it performed in the first quarter coming off of fall harvest with surplus inventories, not enough retail stores and an expected down season cycle.  Given these factors it would be reasonable to have expected the quarter results to be towards the bottom end of the range.  These results give an optimistic outlook for the year could result in an upward revision of the forecast if it continues through the second quarter.

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It is important to note that he forecast assumes that sales continue on the current track within an unchanged state legal structure. Action from Washington State legislature or federal government, unstable/unobtainable pricing, change in the rate of license approvals from the LCB, prevention of business operations by counties or municipalities, etc. all could have an impact on actual sales (some of which could be positive impacts).  Here are some other key insights from the forecast:

  • The forecast predicted over $1M in average daily combined producer, processor and retailer sales by July 2015 (95% statistically confident).  March averaged ~$970K per day in sales and it is highly likely that by the end of April average daily sales will surpass $1M per day.
  • The forecast predicted approximately 250 active retail stores in operation by the end of 2015 (95% statistical confidence interval for the forecast ranges from ~225 to ~275).  With 137 licensed stores and 120 with recorded sales the state is on track for 250 by year end.
  • The volatility in daily sales has stabilized so far this year. We are seeing normal day of week sales swings following the pattern of most sales on Friday and least on Sunday and have not experienced drastic swings that were seen in 2014.

If you are a producer, processor or retailer who would like to be a confidential data provider for the dashboard and receive custom business insights or would like more information about business intelligence and analytics feel free to contact Joe at joe@analyticallycorrect.com.

About Joe Armes: Joe is the founder of Analytically Correct, a data analytics services company that provides custom analytics solutions that transform data into insights to allow decision makers to focus on what adds most value. His passion is to work with organizations with deeply rooted causes to help them gain access to the knowledge needed to make timely and informed decisions.

MJ Research Report: Washington Recreational Marijuana Sales Grow By More Than 20% In February

By Joe Armes

WASHINGTON: Combined Producer, Processor and Retailer monthly sales in Washington State grew at its fastest rate since November, growing by 20.5% from $18.5M in January to $22.7M in February, a month with 3 fewer days.

Retail sales grew at 22.2% from $12.7M in January to $15.52M February while Producer/Processor sales grew by 16.6% from $5.77M to $6.73M.  Both are great news for producer/processors sitting on surplus inventories left over from last fall’s big harvest and are indicators surplus inventories will continue to burn down over the coming months.

Here are some other insights from the Washington State Recreational Cannabis Business Intelligence Dashboard:

  • Year-to-date combined producer, processor and retailer sales as of March 9th have totaled $49M, resulting in $12.3M in excise taxes due to the state.
  • There are currently 127 approved retail stores in Washington State and as of March 9th 107 of these retail stores had recorded sales.
  • A new single day sales record was recorded on February 27th with $1.55M in combined producer, processor and retailer sales.

If you are a producer, processor or retailer who would like to be a confidential data provider for the dashboard and receive custom business insights or would like more information about business intelligence and analytics feel free to contact Joe at joe@analyticallycorrect.com.

 

About Joe Armes: Joe is the founder of Analytically Correct, a data analytics services company that provides custom analytics solutions that transform data into insights to allow decision makers to focus on what adds most value. His passion is to work with organizations with deeply rooted causes to help them gain access to the knowledge needed to make timely and informed decisions.

MJ Research Report: Washington State Legal Pot Sales Reach $100M

By Joe Armes

WASHINGTON: The recreation cannabis industry has surpassed $100M in sales in the first 33 weeks of legal sales in Washington State. Two months into the year the market is on track to hit Analytically Correct’s 2015 forecast published in the MJ Research Report’s Market Outlook. According to the forecast there is a 95% likelihood that it will take only another 12 to 18 weeks for the industry to quickly rake in another $100M in sales, reaching $200M between the weeks of May 17th and June 28th.

If you are a producer, processor or retailer who would like to be a confidential data provider for the dashboard and receive custom business insights or would like more information about business intelligence and analytics feel free to contact Joe at joe@analyticallycorrect.com.

 

About Joe Armes: Joe is the founder of Analytically Correct, a data analytics services company that provides custom analytics solutions that transform data into insights to allow decision makers to focus on what adds most value. His passion is to work with organizations with deeply rooted causes to help them gain access to the knowledge needed to make timely and informed decisions.

MJ Research Report: New Retail Stores Continue To Fuel Marijuana Sales Growth

By Joe Armes

WASHINGTON: With less than 7 weeks of recorded sales in 2015, Washington State’s recreational cannabis industry has already inked sales of nearly half of what it recorded in 2014. So far this year combined producer processor sales have totaled nearly $30M compared to just over $65M for 2014. Opening of new retail stores continues to fuel healthy sales growth even with a lingering surplus of cannabis deflating prices.

Here are some other insights from MJ Research’s Washington State Recreational Cannabis Business Intelligence Dashboard:

  • There are currently 119 approved retail stores in Washington State and as of February 3rd 98 of these retail stores had recorded sales.
  • Combined Producer, Processor and Retailer monthly sales grew at 7.7% from $16.95M in December to $18.26M January. Retail sales had its slowest monthly growth in January at 8.8% from $11.47M to $12.49M. Producer/Processor sales recovered with 5.3% growth from $5.48M to $5.77M after a sharp drop in December following the fall harvest and recorded the second highest Producer/Processor monthly sales in January.
  • On a weekly basis sales continue to grow on a very healthy trend and for the week of February 28th combined Producer, Processor and Retailer sales shattered the week of January 11th’s record of $4.2M with sales for the week coming in at $5.9M.

If you are a producer, processor or retailer who would like to be a confidential data provider for the dashboard and receive custom business insights or would like more information about business intelligence and analytics feel free to contact Joe at joe@analyticallycorrect.com.

 

About Joe Armes: Joe is the founder of Analytically Correct, a data analytics services company that provides custom analytics solutions that transform data into insights to allow decision makers to focus on what adds most value. His passion is to work with organizations with deeply rooted causes to help them gain access to the knowledge needed to make timely and informed decisions.

MJ Research Report: After Slow Start For 2015 Washington Legal Pot Sales Rebound With Record Week

By Joe Armes

WASHINGTON:  After a record sales day with over $1.2M in sales on New Year’s Eve the beginning of 2015 seemed to have been off to a sluggish start for recreational cannabis sales in Washington State.  That was until last week when sales growth perked up with a new record sales week with $4.2M in combined producer, processor and retailer sales between January 11th and the 17th.

Here are some other insights from the Washington State Recreational Cannabis Business Intelligence Dashboard:

  • Comparing month-to-month sales for the first 19 days of the month, January combined producer, processor and retailer sales continue on a slower growth trend for a second straight month and are trending at ~3% growth for the month.  In a couple weeks we will have the breakdown with more details but we expect a repeat of December with producer/processor sales declining and healthy growth for retail sales.
  • Overall, sales are on a healthy growth trend for the first 27 weeks of legal, recreational cannabis sales in the state.  This growth has been primarily driven by new retail store openings.
  • Washington State now has 110 issued retail licenses.  In a couple weeks we will have the details on how many of these stores have opened for business.

If you are a producer, processor or retailer who would like to be a confidential data provider for the dashboard and receive custom business insights or would like more information about business intelligence and analytics feel free to contact Joe at joe@analyticallycorrect.com

 

MJ Research Report: Washington State 2015 Legal Pot Sales Outlook: $350M To $495M

By Joe Armes

Washington: 2014 was a groundbreaking year for legal recreational cannabis in Washington State.  The year was about setting the groundwork for the future with opening of the first recreational cannabis businesses and establishing a steady supply for the market. While the Washington State Liquor Control Board (LCB) won’t have the complete December sales data published for another couple days it looks like the year will end with approximately $64M in sales and 99 licensed retail stores.  Once the complete data is available we will provide a 2014 summary with key business insights.  While we begin this new year with myriad of concerns to address including medical cannabis, local bans, price levels and tax structure the theme for cannabis businesses in 2015 appears to be growth.  In this addition of the MJ Research Report we take look at what growth predictions we can make for 2015 with the help of a crystal ball and some statistical modeling (okay, it’s mostly statistics).

Daily Average Sales Forecast

Daily Average Sales Forecast

Utilizing the 25 weeks of sales data we have from 2014, Analytically Correct has modeled Washington State’s legal recreational cannabis sales for 2015.  We enter 2015 with many unknowns that might impact the overall market.  This is where the crystal ball comes into play.  The forecast assumes that sales continue on the current track.  Action from Washington State legislature or federal government, unstable/unobtainable pricing, change in the rate of license approvals from the LCB, prevention of business operations by counties or municipalities, etc. all could have an impact on actual sales (some of which could be positive impacts).  Here are the key predictions from the forecast:

  • Approximately $424M in combined producer, processor and retailer sales for Washington State in 2015 (95% statistical confidence interval for the forecast ranges from ~$350M to ~$495M)
  • Over $1M in average daily combined producer, processor and retailer sales by July 2015 (95% statistically confident)
  • Approximately 250 active retail stores in operation by the end of 2015 (95% statistical confidence interval for the forecast ranges from ~225 to ~275)

If you are a producer, processor or retailer who would like to be a confidential data provider for the dashboard and receive custom business insights or would like more information about business intelligence and analytics feel free to contact Joe at joe@analyticallycorrect.com.

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About Joe Armes: Joe is the founder of Analytically Correct, a data analytics services company that provides custom analytics solutions that transform data into insights to allow decision makers to focus on what adds most value. His passion is to work with organizations with deeply rooted causes to help them gain access to the knowledge needed to make timely and informed decisions.

MJ Research Report: Washington Hits First $1M Day for Legal, Recreational Cannabis Sales

By Joe Armes

WASHINGTON: On Wednesday, November 26th the state of Washington achieved a milestone the industry has been anticipating for months; the first time single-day recreational cannabis transactions (producer, processor and retail sales) broke the one million dollar barrier.  Given this milestone was achieved with 75 retail stores in operation, we can anticipate that this will be a regular occurrence once the majority of the state’s allocated 334 stores are licensed and in operations.

Here are other highlights from the Washington State Recreational Cannabis Business Intelligence Dashboard:

  • Thanksgiving day sales drop off to just under $148K indicates the $1M sales on the day before was likely due to consumers making cannabis purchases in advance of Thanksgiving festivities and due to stores being closed on Thanksgiving day.
  • Comparing Friday over Friday sales there is no indication that Washingtonians had a “Green Friday” the day after Thanksgiving as sales on Friday the 28th were in line with typical Friday sales.
  • The second anniversary of passing I-502, November 6th, is the second highest sales day, next to the 26th, with over $930K in sales.
  • Sales continue to grow at a steady pace. This sales growth appears to be driven by increased access for consumers to retail locations and a consistent supply of cannabis in the market.
  • The two weeks with most sales occurred in November.  The week of November 2nd (includes the 6th) is the largest sales week so far with over $4M in sales and the week of November 23rd is the 2nd largest with over $3.6M in sales.

If you are a producer, processor or retailer who would like to be a confidential data provider for the dashboard and receive custom business insights or would like more information about business intelligence and analytics feel free to contact Joe at joe@analyticallycorrect.com.

About Joe Armes: Joe is the founder of Analytically Correct, a data analytics services company that provides custom analytics solutions that transform data into insights to allow decision makers to focus on what adds most value. His passion is to work with organizations with deeply rooted causes to help them gain access to the knowledge needed to make timely and informed decisions/

 


 

 

MJ Research Report: Washington Surpasses $40M In Recreational Marijuana Transactions

By Joe Armes

WASHINGTON: The Marijuana Business Association (MJBA) and Analytically Correct are pleased to announce the release of the first MJ Research Report and business intelligence dashboard on the eve of the cannabis industry event: The Dollars and Sense of Risk & Financial Management.

We are providing the MJ Research Report as an industry resource for business intelligence.   The report will cover analysis of key issues, events, trends and will provide critical insights for businesses in this new marketplace. What is business intelligence? Business intelligence is a set of strategic tools and processes used to analyze data and convert it into insights decision makers need to make informed decisions.

The most impactful business intelligence combine a specific business’s data with market data to provide a clear understanding of the business’s relationship to the market.  This is why CIO’s rank business intelligence and analytics as their company’s top technology priority. Once only available in research and science fields that required highly accurate analysis, the rapidly increasing amount of data available for analysis and the increased processing power of personal computers is now making tools for business intelligence accessible to all organizations.

MJ Research Report Dashboard

MJ Research Report Dashboard

In support of Washington’s recreational cannabis industry we are providing the business intelligence dashboard with key market information. Here are a few highlights from the business intelligence dashboard of the industry’s performance this year:

  • Washington State has now surpassed $40M in recreational cannabis business transactions. That will bring in the state over $10M in tax revenues.
  • 64 retail stores have recorded sales and 80 retail stores have approved licenses
  • Chelan County leads the state in producer sales with over $231K in sales thus far and Clark County has the most retail sales with over $3.3M in sales.
  • 10%, 11% and 4% of the producer, processor, and retailer license applications have been approved.
We are providing the MJ Research Report as an industry resource for business intelligence.   The report will cover analysis of key issues, events, trends and will provide critical insights for businesses in this new marketplace.

We are providing the MJ Research Report as an industry resource for business intelligence. The report will cover analysis of key issues, events, trends and will provide critical insights for businesses in this new marketplace.

If you are interested in learning more about business intelligence and its use in the industry please attend the Business Intelligence panel at The Dollars and Sense of Risk & Financial Management event on November 22nd from 3:45 pm to 4:20 pm.  If you are a producer, processor or retailer who would like to be a confidential data provider for the dashboard and receive custom business insights or would like more information about business intelligence and analytics feel free to contact Joe at joe@analyticallycorrect.com.

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Joe Armes is the founder of Analytically Correct, a data analytics services company that provides custom analytics solutions that transform data into insights to allow decision makers to focus on what adds most value. His passion is to work with organizations with deeply rooted causes to help them gain access to the knowledge needed to make timely and informed decisions.