Pot Prices Drop As More States Approve Legal Cannabis
Prices changes in different states
According to the Forbes, the price of cannabis came down a lot after the announcement that more states are going to legalize marijuana.
The Chief Executive Officer of CannaSaver gave a statement to Forbes which revealed that the wholesale price for marijuana, which was 2500$ per pound came down drastically to 1000$ in the year 2016. According to him, some of the medical dispensaries offered the marijuana for the medical purpose at a low price of 65$ per ounce.
The marijuana price at Washington came down to 6$ per gram from a price in 2015 of 25$ per gram. In Colorado, the price came down to 6$ from 8$ and the dispensaries at Bay Area sold the marijuana at an approx. rate of 7$ per gram.
The Mic.com revealed an information based on the statement of the president of Medicine Man, a dispensary in Colorado. He said that the dispensaries did anticipate the price of the marijuana would go down a lot. He also explained the reason of the marijuana price going down a lot, since the announcement of legalized marijuana in the United States.
Douglas Brown is from Contact High Communications and according to him, if there is an increment in the number of licenced pot growers, it will benefit the business in the future for sure.
He also told Forbes that like every other flower such as corn or soybeans, marijuana flower will also become a commodity in the future and then the owners of the biggest amount of the pot growers will have all the benefits. The margin might not look like a huge one because of the low price but the amount of flower will be substantial to make them the profit.
Debra Borchardt, the contributor at Forbes, mentioned that if the growers are looking to have profit out of their investment, they need to make sure that the weed they are growing or the pot they are selling are special or unique so that they can stand out in the market and earn some extra money.
The BDS analytics Mr. Roy Bingham said to the Forbes that, we can expect a lot more brand names in the near future. Due to the price fall of marijuana, this is going to be only to make sure that you get some extra payment and therefore increasing the price of the weed. In this kind of situation, even though the bulk price for the weed goes down or fluctuate, the standout price for cannabis will not go down at all, in the other sense, the owners will have good enough profit to enjoy.