In its first two months in business, the nation’s only city-owned pot shop is struggling to break even.
The Cannabis Corner — a small marijuana store just off state Highway 14 in North Bonneville — opened its doors to a swarm of national media attention on March 7. At the time, no other city in the U.S. had even attempted to get into the recreational-marijuana industry, and leaders of the tiny Columbia River Gorge city had big hopes for their experiment, aiming to use the store’s sales to alleviate North Bonneville’s ailing budget.
John Spencer, North Bonneville’s former city administrator and now managing consultant for the store, initially projected The Cannabis Corner would generate about $2.7 million in its first year, netting a profit of $225,000. Under the store’s bylaws, all profits would go back to the city’s coffers to help cover public health and safety expenses. Any profit could make a big difference for a city with an annual budget of about $1.2 million.
In March, sales grossed only a little more than $68,000, a net loss of a few thousand dollars, Spencer said. Granted, it was a short month, since the store was only open for about three weeks.
– Read the entire article at The Seattle Times.