The price of cannabis is falling — and cultivators are calling on the state to limit the supply of flower to stabilize the price.
The average cost of a gram of cannabis flower dropped to $6.06 in August. That’s less than half of what it was in August 2020, when it was $14.35, or August 2021, when it was $13.77.
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And some cannabis business owners said they're worried that the state could see a significant increase in supply over the next few years. If all pending licenses from 2022 and 2023 get final approval, there would be about a 27% increase in the amount of indoor space dedicated to growing cannabis, and a 40% increase in the amount of outdoor space.
Meanwhile, cannabis entrepreneurs told the Business Journal they're already struggling to make a profit, as cannabis is an expensive industry to operate in, leading to concerns that cultivators, especially local ones, will go out of business. They're calling on the state's Cannabis Control Commission to enforce existing regulations that would limit the amount of flower grown.
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