When Washington first legalized recreational marijuana in 2012, a new industry opened up for the state.
Since then, recreational cannabis retail has grown into a multibillion-dollar industry, generating hundreds of millions of dollars in tax revenue.
But new numbers from the Liquor and Cannabis Board show that growth may be slowing down.
In Pierce County, cannabis retail sales from the 2022 fiscal year dropped around 12% from 2021.
It’s a trend that’s being seen statewide. Retail sales from the 2022 fiscal year showed an 8% decline over 2021, equaling around $120 million in unearned revenue for Washington.
The state’s Liquor and Cannabis Board called 2021 an anomaly and credits the year’s high sales to Washington’s stay-at-home restrictions increasing consumption. The board added that although sales are lower this year compared to 2021, sales have been rising consistently since cannabis stores first opened back in 2014.
However, Duane Dunn, owner of Emerald Leaves Dispensary, says it’s more complex.
First, illegal markets are cutting into the sales of legitimate retailers.
“When you have customers who can purchase products from some of the same vendors that I use at a cheaper price, it makes it a little more difficult for those customers to come back into the store,” Dunn explained.
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