Submitted by: 2020 Solutions
Have you ever seen a grocery advertisement from 50-60 years ago and been amazed at how much lower prices were then? For customers of the first retail cannabis stores in Washington state that opened in July 2014, the dramatic changes since then are similar – but in reverse.
Prices for cannabis products at state-licensed stores are much lower now than they were three years ago, according to Aaron Nelson, senior vice president of Bellingham-based 2020 Solutions.
“When we opened our first location on July 10, 2014, there were few stores, supply was limited and demand was high,” Nelson said. “We saw prices for flower as high as $36 per gram in 2014 and now we have product as low as $4 per gram.
“Also, the number of edible products has grown exponentially. I remember selling two truffles for $65! Now you can get a single serving of 10mg in an edible for around $3. Grams of concentrate were in the $60-$75 range and now we have them as low as $15.”
One of the first dozen cannabis retailers in the state, 2020 Solutions opened its first store July 10, 2014 at 2018 Iron St. in downtown Bellingham. It opened a second store Nov. 1, 2014 at 5655 Guide Meridian, Bellingham, several miles north of the city limits. Those two stores have combined for more than $13.7 million in sales since opening, making 2020 Solutions the leading retailer in Whatcom County. A third store under different ownership but using the 2020 Solutions brand opened this spring on Pacific Highway in north Bellingham.
“The other big change is the number of stores,” Nelson said. “After starting with a dozen stores across the state, there are now over 400 retailers reporting sales, including 24 in Whatcom County. I feel there are some markets that are reaching the point of saturation, while some jurisdictions have created shortages of accessibility due to zoning, moratoriums, etc.”
More stores, producers and processors to meet consumer demand have made legal cannabis a major industry in Whatcom County. Retail sales from July 2014 through May of this year in Whatcom County total more than $51.2 million, according to www.TopShelfData.com, including $23.8 million just in 2016.
The cumulative total of retail, producer and processor sales in Whatcom County from July 2014 through May 2017 is even more staggering – $86.6 million. Also, 2017 is on a pace to reach $54 million in combined retail, producer and processor sales.
For more information about 2020 Solutions, visit www.2020-solutions.com.