Washington State: Weed Goldmine Not So Lucrative With New Product Glut

Weed image

WASHINGTON:  Remember the early days of legal cannabis in Washington, when it was selling for $20 or $25 a gram and stores were closing because they were literally sold out of weed? Those days are officially over. Prices in recreational stores have been falling with every passing month as more shops open. Now there is a glut of pot and it’s forcing prices way too low.

The Stranger reports, Ian Eisenberg, the owner of Uncle Ike’s, a recreational store in Washington, says prices at his store range from $10 to $23 a gram, which is competitive with most medical stores, but “wholesale prices are still literally half of what they were in September.” Good for those who need it, but not so great for those potpreneurs.

Currently Washington offers three tiers of growing licenses for cannabis: less less than 2,000 square feet; 2,000 to 10,000 square feet; and 10,000 to 30,000 square feet. So far, they have issued approximately 336 licenses statewide.

Alison Holcomb, the Seattle attorney who drafted the legal pot law. “There are 10 times as many applications as we need.” Holcomb called the glut of pot-growing applications “a real problem for the people that want to go into production because if you apply for a 30,000-square-foot grow and incur all the expenses for the lease and buildout, you don’t want to suddenly learn that you can only grow 2,000 square feet,” she said.

Read full article @ AG Beat

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