U.S. consumers continue to face the highest prices in decades for gasoline and other products, but if they’re in a state that allows sales of cannabis, at least they’re paying less for legal weed.
Amid price rivalries — not only between legal cannabis companies but also against sales from the illicit market — the cost of wholesale pot has plunged and supply has climbed.
As farmers in California increased pot production by 63 metric tons, the value of the state’s weed harvest has dropped in the face of price competition. Also read: Cannabis legalization goes up for a vote Nov. 8 in five states with a combined adult population of 13 million Citing industry data from BDSA Analytics, Green Thumb CEO Ben Kovler said U.S. cannabis sales are up 3% while unit sales have risen 22%. That pricing dynamic “shows you the the price deflation” in cannabis, Kovler told MarketWatch.
The U.S. Cannabis Council, an industry advocacy group, this week launched a Buy Legal campaign with backing from cannabis businesses — some of them minority-owned — to encourage adult cannabis consumers to purchase only from state-licensed businesses. The Buy Legal effort was unveiled just ahead of the Black CannaBiz Expo in New Orleans, which held a panel on the topic with Anacostia Organics Owner and CEO Linda Mercado Greene, as well as Josephine & Billies CEO Whitney Beatty and Keya Kellum, director of marketing and procurement at Harvest of Ohio.All told, legal U.S. cannabis farmers grew 2,834 metric tons of cannabis, according to the Leafly Cannabis Harvest Report 2022. The wholesale value of the market was about $5 billion.
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