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Lack Of Supply, High Demand Reportedly Cause Massachusetts Recreational Weed Prices To Jump

March 16, 2020 3:59 pm
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Lack Of Supply, High Demand Reportedly Cause Massachusetts Recreational Weed Prices To Jump

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.

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Cannabis Markets Media