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The Massachusetts cannabis industry has been facing increasing competition from out-of-state players, and marijuana grower and retailer Insa is the latest to feel the impact.
In recent weeks, the company has laid off staff, citing the need to implement cost-saving measures to remain competitive in the changing market, reported Boston Business Journal.
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“To address these new challenges, we have been focused on implementing important cost-saving measures to align with the new market," Insa CEO Peter Gallagher said. " It was through this process that the difficult decision was made to eliminate various positions in the company.”
Gallagher also emphasized that the company is “providing support and resources to those who have been impacted by this decision to help with the transition.”
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The average price for an ounce of flower is now at $188, according to the Massachusetts Cannabis Control Commission. That's a significant drop from $321 an ounce a year ago and $403 in March 2021.
Experts suggest that the drop in cannabis prices is due to an increase in competition in the market. The number of licensed marijuana businesses in the state has increased significantly, with more businesses entering the market every day. As a result, companies such as Insa are struggling to keep up with the competition, leading to cost-cutting measures.
Despite the challenges, many remain optimistic about the future of the cannabis industry in Massachusetts. On average, retailers pull in anywhere from $3 million to $5 million dollars every day from cannabis sales in Massachusetts.
Photo: Courtesy Of Michael Baccin On Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.