Data from 13 states provided by LeafLink reveal that after months of record-breaking low prices on wholesale marijuana flower, prices have stabilized in some key markets in the U.S.
In Arizona, wholesale marijuana cost $1,420 per pound in January 2023 and increased to $1,850 per pound in August 2023.
At the end of last year, wholesale cannabis cost $1,499 per pound in Arizona. In 2021 and 2022, Arizona’s huge cannabis cultivation greenhouses oversupplied the cannabis market, LeafLink’s Ben Burstein said.
Colorado had the lowest wholesale cannabis prices at $810 per pound in August, according to LeafLink data.
“Over the course of this month, you start to see a huge buildup of inventory across the industry,” Burstein told MJBizDaily in an interview. “You start to get huge surpluses of excess product, and at these times, especially around the harvest season, it causes big price declines.”
Arizona legalized marijuana for medical use in 2010 and for recreational use in 2020. It is legal for Arizona medical marijuana patients and anyone 21 or older to purchase marijuana products from Arizona dispensaries.