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Marijuana Prices Drop by More than Half Since Last Summer

Tuesday, April 21, 2015 21:14

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NBCrightnow.com

OLYMPIA, Wash. (AP) – Marijuana prices have dropped dramatically since stores opened last summer.

The Seattle Times reports that the average gram of marijuana in the state’s system sells for about $12. That’s down from a $30 average last year when prices peaked.

The data from the state Liquor Control Board doesn’t consider the quality of the bud or the effect of bulk pricing. But it shows a downward trend since the state launched its regulated marijuana market.

Board spokesman Brian Smith says the agency was pleased with the trend. He says they were charged with creating a system competitive with the gray and illicit markets. They were able to get there in a matter of months.

When stores opened, retailers faced a shortage of pot. Within months, the market took a U-turn and suppliers began to worry about a glut of pot on the market.

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