Washington Cannabis Market
Social Equity Licenses and Investment Opportunities in Washington
New opportunities are available for entrepreneurs and investors to enter the Washington cannabis market. A recent bill signed by Governor Inslee allows regulators to issue unused or revoked licenses to those who have been disproportionately impacted by cannabis prohibition.
A total of 34 licenses will be made available to Washington social equity applicants. The state has set aside a $1.1M fund to help prospective licensees with the application process, business plans, and micro-loans.
Entrepreneurs interested in applying for a Washington social equity license should contact us to begin putting together a business plan now. This will help position you to raise capital, secure properties, win local approval, and recruit potential team members. These preparatory documents are crucial to inform investors and are also necessary for the license application.
Contact our expert cannabis consultants today for help with your Washington cannabis business licensing application.
Top Services for the Washington Cannabis Market
Cannabis Business Guidance in Washington
Washington has opportunities for license acquisition and value-driven investments due to new legislation and business consolidations. The state’s mature market has driven a recent wave of acquisitions and is primed for new entrepreneurs and investors.
Successfully competing in the competitive and highly-regulated Washington cannabis market requires a well-informed and well-calculated strategy. Working with our team of cannabis consultants now can help you navigate the changing Washington marketplace. Contact us to discuss your best entry point, investment opportunity, or how to adapt your business under the current operating conditions.
Market Conditions in Washington
Though Washington is overshadowed by California and Colorado, their adult-use market is third-largest in revenue generation, exceeding $1B in sales from 2018-2019. The state also represents the third-largest producer of harvested cannabis in the U.S.
Washington has seen fluctuations in the market since the adult-use program started sales in July 2014 — most notably, wholesale flower prices have dropped due to oversupply, though retail sales have continually increased. Growth projections are tempered by the limited number of licenses, heavy business regulations, and high excise taxes.
The state has one of the oldest medical cannabis programs in the country — implemented in 1998 — but the adult-use market has led to a steady decrease in patient registrations and medical-only storefronts do not exist.
Stay up-to-date on Cannabis in Washington
Cannabis legalization is changing rapidly. The cannabis consultants at Canna Advisors can help develop your business from the ground up. For the latest news and events in the industry, visit our Blog and News and Events pages, and have a look at some of the following top articles on cannabis in Washington.
"Washington Governor Signs Bill To Diversify State’s Marijuana Industry" - Marijuana Moment
"Lessons learned by Washington state cannabis firms after 5 years of recreational sales" - Marijuana Business Daily
A SMARTER, MORE STRATEGIC APPROACH TO WASHINGTON CANNABIS BUSINESS LICENSES
Lean on our proven expertise and unparalleled track record to successfully secure your Washington cannabis license.