Recreational cannabis saw an uptick in pricing across Massachusetts due to high demand and a lethargic supply, according to Marijuana Business Daily.
What’s more, many observers predict that prices will continue to jump, because the state — which legalized recreational cannabis in July 2017 — reportedly has far from enough facilities to answer demand.
A pound of premium indoor-grown cannabis flower sells for $4,200 in Massachusetts, while an average quality pound goes for $3,800, the publication reported.
“It’s incredibly competitive on the wholesale market,” Thomas Winstanley, director of marketing for Theory Wellness, a vertically integrated cannabis company in Great Barrington, was quoted as saying by Marijuana Business Daily.
Consumers can purchase one-eighth of an ounce of recreational cannabis flower for $60 to $70 in Massachusetts.
It is expected that the wholesale prices will reach their peak in the summer and gradually decline in the fall, when there are more facilities and a limited outdoor harvest hits the market, the publication said.
“We don’t really know what the ceiling is,” said Nial DeMena, CEO and co-founder of Manna Molecular, a Mansfield, Massachusetts-based infused products company.
With limited supply, vertically integrated companies with flower have a big advantage over buyers, the CEO said.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.