While many states still debate the profitability of selling recreational marijuana, Washington has already shown the money-making potential of recreational sales. On July 8th, Washington’s first recreational marijuana shop, Cannabis City, opened bringing in over $148,000 in taxes after just the first three days of sales.
After Washington voted alongside Colorado in the fall of 2012, they became only the second state to allow the recreational sale of marijuana in America. Soon after, Cannabis City, only the second recreational shop in the nation, opened its doors in Seattle with a line stretching all the way around the block, filled with smokers and reporters alike ready to toke up and make history.
After such a successful first day, it was no surprise to owner James Lathrop when Cannabis City sold out of all 11 pounds of their stock after just three days. A week later, after restocking (and taking a well deserved smoke break), Cannabis City reopened their doors on the 21st.
Although Cannabis City was the first recreational shop in the state, they certainly won’t be the last, as the Washington State Liquor Control Board is already planning to issue more than 334 licenses to other shops to sell marijuana. The success in Washington already has other states like Oregon looking at how much they could possibly make from recreational tax revenue. Hopefully this trend continues as more states “go green”.