The Great Cannabis Price Crash

Is the age of ten-dollar eighths upon us?A great price crash in marijuana could be in the offing afterTuesday’selection—as well as hordes of heretofore-illegal cannabis farmers filling out job applications.While quality and choice have improved and expanded remarkably for the cannabis consumer even over the span of a few years, the retail price of cannabis has remained remarkably steady in most markets.Between $30 and $40, give or take $10-to-$15 for top-shelf or some B-grade, is the rough asking price for 3.5 grams of cannabis at most retail medical-marijuana dispensaries.There’s a little bit of variation based on geography—it’s easier to spend $30 on an eighth in Denver than it is in Oakland and San Francisco,where it is very easy indeed to spend $50 or more—but the $40 benchmark has proven remarkably resilient, even as the cannabis industry has matured from a street dealer’s hustle to a venture capitalist’s portfolio.Soon, marijuana will be an agriculturala commodity just like...



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