Washington State - New Supply Could Drop Pot Prices As Much As 50%

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For the first time since Washington voters legalized marijuana, industry insiders say the business is finally running smoothly. A large, outdoor harvest is expected soon, bringing a new supply of weed to Washington. Vancouver's recreational marijuana retailer Main Street Marijuana says pot prices could decline by as much as 50% in coming weeks. "It's going to finally get caught up where the production is finally going to outstrip the demand, and we'll have lots of products when you come into the store," says Ramsey Hamide, the proprietor of Main Street Marijuana.

Hamide says it's been an occasionally rough first three months in business. He's been plagued by a lack of supply, forcing the store to close a few times in order to wait for more marijuana. Hamide says those days may now be over. One indoor growing facility in Vancouver only produced 4 pounds of pot in early July, but now, it's preparing to harvest ten times that amount in the next several weeks.

"As the outdoor harvest takes effect and we get the wider selection and the lower prices, we'll see a whole new wave of customers coming into the store and that's what we were hoping for, explained Hamide. For non-pot smokers, some state revenue projections may be of more interest than an increase in supply. Currently, Washington state projects that pot sales will generate $7 million in state revenue through June of next year. However, two years from next June, weed is forecasted to generate almost ten times that amount — $60 million. More than half of that revenue will go to publicly funded healthcare in the state, 25% will go to fund drug treatment and education and more than 19% will go into the state general fund.



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