Over the weekend, marijuana vendors, retailers and entrepreneurs got together to attend Washington state’s first-ever legal crop auction to be hosted by a marijuana grower, according to the Tri-City Herald.
The auction took place in the small town of Prosser, at Fireweed Farms. Attendance was strictly limited to licensed processors, retailers and members of the media. The whole process was monitored by at least two state Liquor Control Board officers.
According to the paper, “About 300 pounds of dried flower with names like Girl Scout Cookies, One Arm Bandit and Purple Kush sold for an estimated $600,000 to recreational retailers and processers for just dollars a gram.”
Fireweed Farms owner Randy Williams estimated the marijuana sold averaged about $3 a gram, although he said that was estimate. He believes he made about $600,000 in total, but he had hoped to net a large profit from the crops by selling them all off at once. The crops had been planted May 9 and harvested between late September and mid-October.
Williams had sold some of his crop to licensed retailers, but he decided he liked the auction model as a way to “get rid of it all quick” so he could spend time with his grandson instead of packaging marijuana.He told reporters he’s not out of the business yet. He plans to plant another get of crops and hold another auction next year. He likes the business model.