The average price per ounce of cannabis in Massachusetts last month was $340.62 — the lowest it’s been since the start of adult-use sales in the state — excepting the first two months of the pandemic, the Worcester Business Journal reports. The price has consistently fallen since July when the average ounce price was $371, according to Cannabis Control Commission (CCC) data outlined by the Journal.
When adult-use sales first launched in Massachusetts in November 2018, the average cost per ounce was $390.81. The price reached its all-time high at $405 an ounce in February 2019, the report says. The lowest the price per ounce has ever been in Massachusetts was $299.08 in April 2020, and the price spiked the following month to $320.30.
The Bay State had sold $2.3 billion worth of cannabis in the first three years of the program, according to CCC data from November 2021.
Commission Chairman Steven Hoffman called the sales figures “pretty phenomenal.”
The state has 945 licensed cannabis businesses, including 176 open retailers, 62 operating cultivators, and 55 operational processors, according to CCC data. The adult-use sector employs more than 17,000 employees, while the medical cannabis industry employs about 8,800.
A recent the University of Massachusetts-Amherst and WCVB poll published in November found the reforms remain popular by Massachusetts residents, with 61% expressing a favorable view of legalization with 37% reporting a “very positive” view along with 24% who had a “somewhat positive” view.
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