The 2015 Washington Marijuana Retail Seminar: Becoming A Front Runner, October 5th in Bellevue, WA

WASHINGTON:  Front Runner (formerly TetraTrak.com), a leading business intelligence resource for Washington’s licensed cannabis industry has teamed up with The Marijuana Business Association, to present: “The 2015 Washington Marijuana Retail Seminar: Becoming A Front Runner” on Monday, October 5th at the Red Lion Hotel in Bellevue, 1-5PM, with a VIP Reception to follow at the hotel bar.

The MJBA Professional Seminar will feature presentations from Front Runner’s  Brian Yauger and Joe Armes, who will provide a comprehensive look at the WSLCB wholesale and retail sales data to date, with an eye toward giving 502 retailers actionable business intelligence to help them build sustainable profitable businesses.

“I want every retailer who attends this seminar to feel that they’ve gotten the value of the ticket price back in the first 15 minutes of the event,” Yauger told MJNN.

Leading Retailer Uncle Ike’s founder Ian Eisenberg will be a featured speaker and panelist. He’ll be joined by an impressive lineup of top retailers including Evergreen Market and The Joint.

PayQwick CEO Kenneth Berke and Green Bits Business Solutions Director Matt Beckley will join Brian Yauger and Joe Armes for a roundtable discussion on retail trends.

Listen to the keys to Romancing the Brand with top executives from Washington’s leading CannaBrands: Zoots, Mirth, Evergreen Herbal, Monkey Grass Farms, Buddy Boy Farm and Sky High Gardens.

Event sponsors include: TetraTrak, Green Bits, Visual Options, PayQwick, CannaVentures and Sky High Gardens.

Reserve your Front Runner spot today. 

Brian Yauger on stage at MJBA Meetup in Seattle.

Brian Yauger on stage at MJBA Meetup in Seattle.

New MJ Research Report: Washington Canna-businesses Plan To Grow Organizations By 200% In 2015

Last month the Marijuana Business Association (MJBA) hosted the first ever cannabis job fair in Spokane, WA.  As part of our MJ Research’s effort to provide business intelligence to participants in the legal cannabis industry, we surveyed more than 110 hiring managers, employees and job candidates online and at the event.

From analysis of this survey, conducted by Analytically Correct and the MJBA, we learned that the Washington State companies who responded to the survey plan to grow their companies by 200% in 2015.  The majority of these positions will be operations positions such as growers, trimmers and bud tenders.  Over 50% of these positions will pay under $30,000 per year.

Washington State companies who responded to the survey plan to grow their companies by 200% in 2015.

Analytically Correct CEO Joe Armes presents the MJ Research Jobs Report to industry participants at the Marijuana Business Association

 

Spokane’s First Cannabis Job Fair Draws Huge Crowds

WASHINGTON: Nearly 900 eager job seekers turned out for Spokane’s first ever cannabis job fair this past weekend, many of them lining up as early as 7:30 to drop their resumes off and meet some of eastern Washington’s leading cannabis industry employers.

Organized by the Marijuana Business Association, and presented by Washington NORML and the Islander, MJBA Job Fair Spokane was held at the Spokane Convention Center and featured employers and exhibitors included leading cultivators Washington’s Finest Cannabis, Blue Roots Cannabis, Triple T Farms, Kush Comfort Farms, and Buddy Boy, who were looking for trimmers and agricultural help; leading cannabis brands including Evergreen Herbal, Cannabis Training Institute, 420MEDIA, Analytically Correct, Mosaic Insurance, PayQwick, BioTrackTHC, Miller Soils, WeedTraQR, and Dope Magazine.

The Inlander publisher Ted McGregor delivered the keynote address, using the occasion to look back on the first year of Washington legal cannabis (the state’s first recreational shops opened on July 8, 2014).  Ted gave a shout out to Spokane resident Mike Boyer, the first recreational pot consumer in the state who subsequently lost his job after a workplace drug test confirm his legal consumption, who was in attendance at the fair optimistically seeking employment opportunities.  He drew parallels between the end of alcohol prohibition and today’s unravelling of the failed war on drugs.

[youtube http://www.youtube.com/watch?v=pz6ENqeR8Dc&w=560&h=315]

Business Intelligence expert Joe Armes, Analytically Correct, preceded the keynote, and delivered the MJ Research Jobs Report in which Analytically Correct estimates WA State recreation cannabis direct industry jobs to be 3,000 – 4,000 by the end of 2015 and 5,000 – 6,000 by the end of 2016.

MJ Research Jobs Report

MJ Research Jobs Report

420MEDIA and Kerri Accardi were in the house, hosting an open casting call for their upcoming web series, Hmm…Did You know.   A panel of cannabis cultivators from Washington’s Finest Cannabis, Farmer Tom Organics, Kush Comfort Farms talked about careers as a pot farmer.  Other featured speakers included Luc Nelson, Cannabis Training Institute; Kevin Oliver, Washington NORML; Melissa Braddock, Eden Labs; Norm Ives, Mosaic Insurance; Dan McMahon, BioTrackTHC, Aubrey Armes, Analytically Correct HR; Eric Ogden, WeedTraQR; Isaac Curtis, UFCW; Crystal Oliver, Washington’s Finest Cannabis; Terry Polyak, PayQwick; Kerri Accardi, 420MEDIA; Heather Gehrman, Evergreen Herbal; and Jon Hofer, RMMC Consulting.

[youtube http://www.youtube.com/watch?v=fG7Fqt_G_Zg&w=560&h=315]

 

Managing HR For Your Cannabis Industry Business

By Aubrey Armes

WASHINGTON: These are exciting and turbulent times in the cannabis industry.  With more and more states legalizing cannabis, the possibility and potential for business growth just keeps getting bigger.  Whether you are in the industry because you are a passionate activist, you simply see dollar signs or anywhere in between, it doesn’t change the fact that the cannabis industry is a target for scrutiny.

Unless you have training in Human Resources, there’s a good chance you are in violation of some employment law(s) and are risking the financial well-being of your company.

Employees are both your greatest asset and your greatest pain.  Sourcing and retaining talented staff who are passionate about your mission is vital to your success.

I’ve heard countless stories of employees embellishing or flat out lying about their skills and previous work experience.  Not only is this annoying and a complete waste of time, it also opens up potential financial risk.

Jobseekers:  Don’t lie.  Really.  You are more likely to have a career in cannabis if you are honest about your skills than if you lie.  Plenty of employers are willing to train staff if they have an aptitude for learning and a personality that matches the company culture.  Nothing will save your job if you lie about your experiences.

Employers: Do you have clear written job descriptions that are ADA compliant so you can prove beyond a shadow of a doubt that the employee knew what was expected of her/him?  Do you have copies of your interview questions and answers that prove that you asked all the proper questions and the employee misrepresented their talent?  Are you retaining these interview notes for the appropriate period of time?  Are you clearly outlining your company culture that addresses employee expectations, team work, your mission, etc?

Do you absolutely need to have all of this?  No.  Will it save you immense amount of time and money?  Yep.

Are you able to fire the employee that lied or misrepresented themselves?  The real question is: can you prove it?

The burden of proof lies on the employer, not the employee.  At the very least, you will incur Unemployment Benefits cost.  For businesses operating on a start-up shoe string budget, paying unnecessary Unemployment Benefits due to lack of documentation or poor hiring and on-boarding practices can have a huge impact and is certainly worth avoiding.

All it takes is one pissed-off employee to make your life miserable and jeopardize your business that you’ve worked so hard for.

Let trained professionals assist you in creating best practices that will reduce your risks, keep your business in compliance and save you time and money.

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Aubrey is the Director of HR Services for Analytically Correct and is a certified Professional Human Resources consultant with over 15 years of human resources and leadership development experience, specializing in fast-past small and medium sized businesses including start-ups and established businesses.  Her passion lies in helping organizations identify and communicate their company culture, leadership training and development and keeping companies in compliance and out of trouble.  Aubrey can be reached at aubrey@analyticallycorrect.com.

 

 

 

 

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.

 

june mj research 2

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.

MJResearchReportApril2

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: 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.