The state of Washington is facing a unique problem; according to state records cannabis suppliers have produced 16,000 pounds more than what retailers sold in 2015. Marijuana Business Daily is predicting that prices will be driven to an all time low. In some cases, prices have dropped to as little as $10 a gram.
This surplus could have a huge impact on the future of the Washington market and hurt new retailers who recently set up shop. There is hope that supply and demand will level out. Colorado saw a similar situation when they legalized cannabis last year.
“A lot of people really got into this for the money, with sort of hungry eyes, and aren’t able to produce the results that consumers, let alone the retailers, are looking for.” said Christopher Macaluso, a longtime cultivator in California.