There was a time when cheap weed was bad weed. But now really bad weed is in danger of getting priced out. Even good weed has dropped in market value by almost 30 percent since June 2016, according to Civilized. Way back in the days of the last presidential election, weed would fetch an average of $2,100 a pound, but today the same amount goes for the low, low price of only $1,500.
There is a laundry list of reasons for the market fluctuation, the most obvious of which is that more people are growing more cannabis. Markets are opening up every which way, with this year alone finding new legal markets in several states including California and Nevada. As Civilized points out, no one actually knows what the demand in these markets is going to be, and a lot of people are looking to make money in the market. As a result, they’re actually growing too much weed.
“This overproduction leads to decreased prices,” the news source reported. “Although some growers actually overproduce on purpose to show their capabilities at making large quantities of cannabis in order to secure retail deals.”
The rise in weed cultivation is coupled with a decrease in demand. Black market weed from legalized states has already been supplying areas without legal programs. As they open up their own legal markets, the product sometimes has nowhere to go.
That’s what led Oregon to have a headline stealing marijuana surplus problem earlier this year. The phenomenon is nothing new. In 2015 Washington experienced its own similar problem, with one crackerjack news article describing it this way: “new growers jumped on the market and now there is a buttload of weed and no one to smoke it. Unlike Colorado, pot in Washington can be grown outside and last summer the weather was perfect, leading to a huge crop for many growers.”
So, if you readers at home care about your local weed economy, you’ve got to start doing your part and smoking twice as much.
Photo via Flickr user Money