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Marijuana Prices Drop 17% In NY: ‘Competition Is High’
New York's Marijuana Prices Keep Dropping as the Legal Market Expands
It's getting cheaper to get high in New York.
The average price of pot has plummeted 17% since legalization in New York state, with a market ramp up that has boosted the availability of marijuana brands in more stores, industry officials said.
In 2023, the average "unit price" for cannabis was $38.61. It's now $32.15, the state Office of Cannabis Management reports. The number of licensed pot stores in the Empire State has soared past 500, stocking products from a growing group of farmers growing marijuana and more cultivators manufacturing gummies, vapes and even beverages. Regulators with OCM said it's normal for prices to come down as more pot stores open and more products become available, spurring competition, as has happened in other states that legalized marijuana. "Competition is high. We have all these brands fighting for shelf space," said Britni Tantalo, president of the New York Cannabis Retail Association.
"We are seeing more doors open," Tantalo added, referring to the dramatic increase in retail dispensary openings.
The average price per unit covers the sales of all cannabis products in the legal market that includes weed, edibles, concentrates, beverages and vaporizers. As the legal market keeps expanding, consumer access to regulated marijuana continues improving.
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