Washington State Holds First Marijuana Auction

Business
Washington State Holds First Marijuana Auction

Fireweed Farms in Washington State made history this past weekend by holding the first ever marijuana auction. The small cannabis farm sold about 300 pounds to state-licensed processors and retailers. The auction brought in an estimated $600,000 in sales once all was said and done. The harvested, dried, and trimmed marijuana was priced by the gram (prices ranged from $2.50-$7.00 per gram) and auctioned by the strain in lots ranging from half a pound all the way up to 5-pound loads.

At least two members of the Washington State Liquor Control Board were monitoring the auction at all times. Bidders were able to view and smell the various strains before the auction, however sampling the product was strictly forbidden. Not just wanting to go off looks and smell alone, some buyers felt slighted by this rule and chose to leave empty handed, saying the buyers should be able to sample the product before purchase.

Initially the owner of Fireweed Farms was hoping to clear the $1 million mark, but by mid-auction, he thought the number to be closer to $600,000-$700,000. Other growers in the area came to the auction to see where the current outdoor market was at and left slightly disappointed with the numbers they were seeing.

The purchased marijuana was to remain under lock and key, quarantined overnight, and monitored on video surveillance. Come Sunday, the buyers were able to pick up their pot or arrange to have it delivered by Fireweed Farms.