In the state of Washington, recreational marijuana dispensaries have reported that the price per gram has lowered by more than 50-percent. The average price per gram was $25 – $30. But with more recreational marijuana dispensaries opening up, existing dispensaries have cut prices to an average $10.34 per gram in order to remain competitive in the market.
The lowered prices are also, in part, due to changes to marijuana tax laws. It is reported that some recreational marijuana dispensaries offer some strains for as low as $7 per gram. This comes from Hollie Hillman, a manager at Freedom Market. Hillman also said, “I don’t think it will get much lower than that.”
The competition in the state is going to increase over the course of 2016 as just over 200 new marijuana dispensary licenses are expected to be issued. Many of the new licenses are being issued in order to cater to medical marijuana patients. What may cause a bit of an uproar is that many medical marijuana dispensaries and recreational dispensaries will combine into one industry in Washington state.
Business owners await the announcement of the exact language included in new laws set to take effect in July 2016, as The Daily News reports.
The Washington Liquor and Cannabis Board states that medical marijuana accounts for 37-percent of the state’s marijuana industry. Recreational marijuana accounts for 35-percent and continued illegal street sales make up 28-percent of industry sales. The value of the medical marijuana industry alone is an estimated $480 million.
Recreational marijuana dispensary owners are hopeful that with lowered prices and increased quality, business will increase. Some are seeing more customers coming through their doors as they become comfortable with the laws and the fact that they can possess a small amount of marijuana legally.