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Washington's first marijuana auction raises $600,000

by , 19 November 2014

On Saturday, Washington in the US saw its first marijuana auction.

Washington is one of the first US states to legalise the medicinal and recreational use of marijuana. The US government gets its cut through taxes.

Let's take a closer look at what went on at the auction…

Legal marijuana auctions could become more popular

At the weekend, Fireweed Farms of Prosser sold around 136kg of marijuana at an auction raising $600,000, reports the Washington Times. The sales were to “state-licensed processors and retailers”.

The auction was for the vast majority of this year’s harvest from Fireweed Farms, says Komo News. Farm owner, Randy Williams, had sold some of his marijuana earlier in the year to recreational processors, “but the auction represented the bulk of his harvest”.

Governing the auction were “at least two representatives of the Washington Liquor Control Board,” notes the Washington Times.

The marijuana auction was under the state’s watchful eye

One of the officers from Washington’s state Liquor Control Board, Jeremy Wissing, said that it was a well-run event, notes Yahoo News. Mr Wissing expects this to be the start of more auctions as way of selling the product.

Interested buyers who attended the auction received “a detailed list of strains and lot sizes that provided a complete potency profiling, labelling requirements and the date the batch was tested by Confidence Analytics, a state-certified laboratory,” says Komo News.

Of the 30 or so processors who attended the auction, one decided not to buy as he was unsure “about the quality,” says Yahoo News. To him, the ultimate test is smoking it, which wasn’t allowed at the auction.

With marijuana now being legalised in a growing number of states, this auction looks likely to be the start of many more to come. This as more marijuana stocks take to the stock market in the US.

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Washington's first marijuana auction raises $600,000
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