Massachusetts Cannabis Prices, Profits Hit Record Low

Prices have trended down over the past two years.

Prices for both wholesale and retail level cannabis in Massachusetts are at their lowest levels in five years, and the trend has put a financial hurt on businesses.

In January, the average retail price per gram of cannabis flower hit $7.12, NBC Boston reported while citing state data. That’s down from more than the $14 per gram price in the final months of 2018, and prices have been steadily trending down over the past two years.

Several companies told NBC Boston that a supply surplus is to blame, thanks to a “slew of new grow operations” that have come online in the past few years. Sources predicted trouble for many companies as a result.

“You’re going to see some natural attrition happen within the marketplace,” Trent Woloveck, chief strategy director at Jushi, told NBC Boston. Jushi is the parent company of Nature’s Remedy, a retail chain in Massachusetts.

The prediction echoes one made just in February when another cannabis executive told a reporter that the Massachusetts marijuana trade faces “a tough year” due to several factors, including increased competition from neighboring states that have just launched their own recreational cannabis markets, but also due to oversaturation within Massachusetts.

Massachusetts has 510 active retailers, cultivators, delivery operators, manufacturers, microbusinesses, transporters and testing labs, according to the state’s Cannabis Control Commission’s website. There are an additional 96 licensed medical marijuana companies.

John Schroyer

John Schroyer has been a reporter since 2006, initially with a focus on politics, and covered the 2012 Colorado campaign to legalize marijuana. He has written about the cannabis industry specifically since 2014, after being on hand for the first-ever legal cannabis sales on New Year’s Day that year in Denver. John has covered subsequent marijuana market launches in California and Illinois, has written about every aspect of the marijuana trade, and was part of the team that built the cannabis industry’s first-ever trade show, MJBizCon. He joined Green Market Report in 2022.


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