About to release my first theme at the beginning of February. My main question is, once I upload the zip and it(fingers crossed) gets approved, does ThemeForest release it automatically and set the price? Or do I have some time to get my marketing/etc in order so i can release on my own preferred date?
Once your file is approved it will receive a price and will be available on the marketplace.
So all you have to do once you upload the files is wait for them to be reviewed (and hopefully approved). After that you can promote your theme wherever you can.
Good luck! 
Cool, thanks for the reply 
Any idea on the average wait time for review? We talkin days or weeks?
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70kilo said
Cool, thanks for the replyAny idea on the average wait time for review? We talkin days or weeks?
Minutes, hours, days. Not weeks.
ThemeForest sets a price, but you can contact them to get it raised/lowered if you feel like they may have misjudged your themes quality/features.
Also expect to get denied the first time. There always seems to be something that they want you to improve/change. Hope for the best, expect the worst. 
The release date depends on when they review and approve it. It’s hard enough to predict when they’ll review it, so I’d make sure everything is as good as possible before submitting. That way if they deny, it will most likely be a small issue that you can fix and re-submit the same day or next day. That will make it a bit easier to attempt releasing it with a more accurate time frame.
Good luck with your theme and sales!
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70kilo said
Any idea on the average wait time for review? We talkin days or weeks?
We clear the queues every day, the max average wait time is 12 hours, we’re usually pretty fast 
Good luck, best wishes for your new product!
Thanks guys for all of the feedback. I’ll be releasing some tasty goodness in the next 3 weeks. Stay tuned 
