Uncle Ike’s sales outpaced state growth totals on the holiday revenue end of things (Source: WSLCB)
Uncle Ike’s first customers were paying $26 per gram for the cheapest strains, now selling for $10. (Photo: Alex Garland)
If you’ve been avoiding Seattle’s retail marijuana shops because of the sky high prices, now might be the time to make a visit . Across the state, retail marijuana prices have dropped by over half in some places from when sales first started last summer.
At Uncle Ike’s, Capitol Hill’s nearest recreational pot retailer at 23rd and Union, some strains are now selling for around $10 per gram. The average gram was selling for $30 when the store opened in September. At the time, the state hadn’t permitted enough growers to meet demand, but the tides have apparently turned.
“Processors are now just sitting on hundreds of pounds and they can’t sell it,” said Ike’s owner Ian Eisenberg. “There are more growers coming on line every day.”
In fact, Eisenberg said the CHS advertiser has so much surplus that he’s having to build out more storage for the glut of pre-packaged pot. Eisenberg filed construction permits for the work last month.
The lower prices may get more customers in the door, but Eisenberg said he and other I-502 retailers still can’t compete with the less regulated and less taxed medical market. This week, City Attorney Pete Holmes issued a call to state lawmakers to fold the medical system in the I-502 framework, a proposal Eisenberg said he supports.
Still, Uncle Ike’s remains one of the most successful shops in the state. State sales jumped 5% on average between November and December, while sales at Uncle Ike’s jumped 23%. Eisenberg’s shop was responsible for 4.15% of total marijuana sales in the state in December with just over $700,000 in pre-tax sales.
An ongoing lawsuit from a neighboring church isn’t slowing Ike’s down, either. In December, a King County Superior Court judge denied Mount Calvary Christian Center’s attempt to shut down Ike’s while their lawsuit against the business moves through court. The church is suing the pot shop for operating too close to a facility it says it being used as a teen center.
Meanwhile, a shuttered pot delivery service that operated on Capitol Hill is getting a new life in the legal market. Last month, the state liquor board approved the Winterlife Coop to become a marijuana processor at a north Seattle facility. Winterlife’s plans include producing “solvent-less” concentrates for vaporizers using alcohol rather than petroleum.
“Our main focus is edibles and concentrates as we believe that more and more the customer base will move away from smoking as the primary delivery source,” Winterlife’s Evan Cox told CHS. “It’s quite a change, but we’ve been preparing for it for some time and we’re overjoyed.”
And one last note: The timeline for an I-502 store opening on 15th Ave E is getting moved back again. Samuel Burke told CHS he now hopes to open tōk sometime in May.