With fewer problems obtaining marijuana, legal retail shops in Washington State reportedly have been able to lower their prices by an average of 40%.
Licensed stores began selling adult-use marijuana in July, but a shortage of cannabis led to high prices. Since then, more growers, process and stores have come online, increasing supply.
Prices are now averaging $15 a gram versus $25 a gram when legal sales started, according to Bloomberg News, citing Washington State Liquor Control Board deputy director Randy Simmons. That’s still 50% higher than black market prices, though, Bloomberg reported.
Rec revenues rose 5% to $16.9 million in December, state data show, even after sales in November jumped 24% thanks to increased business during Thanksgiving week. Sales in 2014 totaled $65.3 million and the state took in $16.3 million in excise taxes for the year.
A memo earlier this week from Seattle City Attorney Pete Holmes recommended lawmakers shut down marijuana dispensaries that are deemed illegal and allow lounges where patrons could use vaporizers or consume edibles on-site.