Washington State cultivators must be hurting.
The average price of a gram of retail cannabis has plummeted since recreational shops opened last July, from an average of $30 to $12 a gram now, according to The Seattle Times. That’s an eye-popping 60% decrease.
Prices have been on the downswing for months, as an over-abundance of product has led directly to the dramatic drop. While inventory was scare when sales first started, shops can now pick and choose which growers they want to purchase from. Some cultivators could go out of business if they can’t find legal buyers for their crops or the price point is too low.
Regardless, the Washington Liquor Control Board, which oversees the rec industry, is pleased with the current prices.
“The agency was charged with creating a recreational system competitive with the gray and illicit markets,” Brian Smith, communications director for the LCB, told the Times. “We thought if we could get it to $12 a gram, we would be competitive, and we got there in a matter of months.”