With roughly $927M in cannabis retail sales for the fiscal year 2017 in all of Washington, consumer demand is strong all across the Evergreen State. Generating an additional $342M in taxes, it’s clear that a wide variety of product sold in retail stores, paired with costs that have leveled off for consumers, is creating a steady, viable revenue stream for business owners, and the state of Washington alike. With year over year revenue growth that has outpaced just about every sector in the market, total retail sales and taxes collected are expected to grow for years to come.
Retail Marijuana Stores Boom in Bellingham
In Q2, 2017 – Q2, 2018, Whatcom county cannabis retailors have sold over $31M dollars in total product, coming in at the 8th highest total for revenues among all counties in Washington State. With 3.26% of all cannabis retail sales for the state of Washington, and a population of 2.87% of total residents in the State of Washington, it’s safe to say that Whatcom county residents have an affinity for the products these retailers are selling. With products ranging from flower, edibles, concentrates, topicals, and much more, there is bound to be something for everyone ranging from the novice consumer, to the first timer. With 25 retailers serving the needs of Whatcom County residents, there is a cannabis shop within just a few miles of most. With retail costs to consumers that have decreased by as much as 4x for a number of products over the last 4 years, demand is likely to continue growing.
Bellingham specifically, is thriving when it comes to retail cannabis sales, accounting for just over $25M of the $31M sales in Whatcom County. Ranking as the 6th highest total for revenues among all cities in Washington State, the Bellingham cannabis market continues to grow. Beating out cities like Bellevue, Renton, and a number of larger cities by population, the demand in the Bellingham market is astronomical. With a population that accounts for 1.18% of all residents in Washington State, the Bellingham retail market has accounted for 2.63% of all retail cannabis sales in Washington State for Q2, 2017 – Q2, 2018.
The Bellingham market is thriving for a number of reasons, whether it’s the general acceptance of the cannabis culture, the increasing number of college students accepted to Western Washington University and Bellingham Technical College, or the increasingly competitive prices that are benefiting the consumer. Whatever the reason, the demand for these products in Bellingham is outpacing demand in the vast majority of cities in Washington State.
The top retail store in Bellingham for sales in 2018 was the Cascade Herb Company located off Samish Way. Is this based on the location of the retail space in Bellingham, or due to the products and services offered? You will have to decide that for yourself, but two of the top four stores in Bellingham are located within a block of each other on Samish Way. When it comes to retail commercial real estate it is hard to find a more important factor than a prime location.