A short while back, there was talk of prices dropping in the Colorado cannabis market. Well, not just yet.
In October, the online marijuana wholesale marketplace, Cannabase, saw recreational product being moved for as much as $3,000 per pound at one point. That’s a considerable increase from a maximum price point of $2,200 per pound in January and February, and an average sale of about $1,900 early this year, Cannabase CEO Jennifer Beck said.
“To see product sell out in a matter of hours for $2,800 a pound is unbelievable,” Beck said in October. “Even eight weeks ago, we were seeing bidding wars.”
Cecelia Gilboy, a longtime wholesale operation based in Boulder, CO, said she’s seen the exact same trend. She accredits it mainly to a new microbial testing requirement that went into effect on Oct. 9, 2015, for recreational cannabis.
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However, the supply and pricing issues really began well before the new testing requirements took effect in October, and the medical side of the market has experienced supply issues, too. There was a medical cannabis shortage in Colorado Springs, CO — one of the state’s largest MMJ markets — over the summer, Beck said. Faced with that challenge, a lot of dispensaries in the region purchased most of the wholesale product that was available at the time.
When the standard “dry season” hit Denver — August to October — there was even less product available than usual.
“In July, we had record-high consumer sales,” Beck explained. Since then, she said prices on average have increased by 35% for recreational cannabis and 33% for medical cannabis.
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