What will 2021 hold? That seems to be the million-dollar question these days. While most curiosity about the year ahead centers on the implications of COVID-19, the CCC-sponsored Industry Outlook event on December 2 provided a space to ask the experts about the future of the cannabis industry in Washington State.
Headset CEO Cy Scott and National Cannabis Industry Association Media Relations Director Morgan Fox shared their expert insights on both market trends and political agendas that will impact craft cannabis in our state in the coming months.
Good news! In Washington State, the cannabis market is growing. Scott used retail data to present real-time cannabis market insights, including these highlights for 2020:
- Monthly cannabis sales growth in Washington State increased between 15 and 45% since January 2020.
- Flower sales have dominated the charts, followed by vapor pens, pre-roll, and concentrates.
- Average per-item prices have increased throughout the year, from both a retail and wholesale perspective.
- Women continue to be a growing customer demographic in Washington state.
During the Q&A portion of the event, Scott fielded questions about how processors and retailers can best leverage the holiday sales boom, why Colorado’s market has grown faster than Washington’s, and how the craft industry might be impacted by rising wholesale costs.
The Political Side
Fox shared updates on how political agendas on the national level could impact Washington state and fielded several questions from members, including these:
- How can Washington state cannabis market itself on the national level?
- Can changes in federal policy help small businesses?
- What steps should Washington state be taking in anticipation of the passing of the MORE act?
- Can the cannabis industry expect any relief from upcoming COVID stimulus legislation?
Both Scott and Fox articulated excitement that the year ahead holds plenty of opportunity and growth for cannabis in Washington State.
CCC thanks all members who participated in the conversation and looks forward to facilitating future discussions.
Know someone in the cannabis industry who may be interested in these types of events? Invite them to join CCC!