Despite Nevada marijuana cultivators keeping up with demand, marijuana prices are still high.
Ounces of marijuana flower are sometimes selling for more than $350, according to U.S. News & World Report. Grams generally sell for $14 – $18, and sometimes reach as high as $21. Sales are averaging $1 million a day, and demand for legal marijuana in Nevada is expected to stay high.
The Nevada Department of Taxation evaluated an average wholesale market price per pound at $2,268. Trim has an estimated value of $601 per pound.
Jerry Velarde from the marijuana producer Evergreen Organix in Las Vegas said, “The higher the THC content, the more you can command your price.” Velarde says that marijuana averaging 16% THC with decent terpene profiles sells for between $2,300 and $2,600 per pound.
The Source dispensary in Las Vegas purchases marijuana at different price levels. They pay $1,800 per pound for what is sold on the “value shelves.”
Ben Sillitoe of Oasis Cannabis in Las Vegas says that wholesale prices went up from July to October and didn’t start to come down until December. He said, “At this point, there really are no delays in getting inventory. Selection isn’t as great as you’d like it to be, but it’s getting better.”
Andrew Jolley from The Source said, “I don’t know of anyone who’s running out of product now. Versus last summer when we made the switch to recreational. I think there’s actually going to be too much supply within the next year.”
Some processors are also paying top dollar for marijuana that will be made into oils and other products. Quality is what helps them establish their brands. Some are paying upwards of $2,000 per pound for marijuana that will become oil.
Brandon Rexroad of Shango said, “It’s hugely expensive. I don’t know how these people are doing it. They’re willing to pay it just to get product on the shelves even if they’re not making money at that price point.”
Rexroad continued, saying, “People always seem to strive for the best when they come to Vegas, whether it’s a bottle of liquor or weed and that’s really where our focus is.”