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 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.

Cannabis Industry Demands Reliable MJ Metrics and Business Intelligence


Ben Livingston

Successful businesses need market data and research to maximize their profits. This is certainly true in the nascent legal cannabis industry, where entrepreneurs often work with minimal information about their customers, their competitors, or overall market capacity and trends. With retail cannabis prices creeping over $30 per gram in some Washington pot shops, imagine if a competitor opened nearby charging 25% less. Especially when there is such volatility in the legal cannabis markets, these are metrics that industry professionals need to know, and know quickly.

 

MJ Research helps the cannabis industry understand what is happening on ground in legal cannabis states with aggregated market data, professional research panels, customer needs analyses, and other market research tools. The company is an outgrowth of the Marijuana Business Association, the largest cannabis entrepreneurs’ organization in Washington State. One of the top complaints expressed by MJBA members is lack of information about market forces, regulatory interpretations, and their competition in the cannabis world. MJ Research is our response to that feedback.

 

Our flagship research product is the MJ Research Industry Panels. Participating on these panels are legal cannabis businesses who have agreed to regularly provide data and survey responses to MJ Research. Through these panels we gain valuable insight into legal cannabis businesses and today’s marijuana marketplace.

 

MJBA started the project by conducting a survey of I-502 licensees and applicants, and by holding a “voice of the customer” workshop where business people came together to discuss their needs and concerns. This workshop was held in August at the MJBA headquarters with participation from over 50 cannabis businesses. Listening sessions were facilitated by Ben Livingston (Center for Legal Cannabis), Greta Carter (Cannabis Training Institute), Jon Hofer (RMMC Consulting), Jim MacRae (MJ Research), and David Rheins (MJBA).

 

At this workshop, MJ Research launched three different research panels specific to cannabis producers, processors, and retailers. Participants, which include many of the state’s first licensed pot shops and cannabis growers, will regularly provide sales numbers and other anonymized data to MJ Research. This feedback will be published in the MJ Research Report to help inform the emerging cannabis market, from entrepreneurs to customers to regulators and more.

 

Our first workshop and survey were designed to help steer our future research, and we received a great deal of feedback on the primary challenges faced by cannabis businesses in Washington State. It is interesting and informative, and we have summarized some of that feedback in the sidebar data.

 

MJ Research is actively inviting cannabis businesses to join the MJ Research Industry Panels. We are also pursuing strategic partnerships with payment processors, staffing companies, and others to obtain industry-related data to further fuel our cannabis business analytics. If your company is interested in these opportunities, please contact us: info@mjba.net, subject line: MJ Research.