According to the latest 2024 Wholesale Pricing report by LeafLink, where you live determines how much you pay for marijuana.
The new report broke down the prices paid in legal markets across the U.S., and consumers in some states are paying considerably more for their cannabis products.
Comparing 2022 to 2023, prices across all product categories fell, according to LeafLink. Sales, however, were a different story. Flower sales continue to rise with an 11.2% increase over 2022. Concentrates rose 11.8%, while vape sales jumped 9.9%, and edibles rose 9.6%. Pre-rolls stayed flat.
Flower power
Alaska continues to pay the highest prices for marijuana. LeafLink stated that despite prices decreasing in almost all categories, Alaska’s average flower price rose 6.9%.
Alaskans paid on average $2,400 per pound and remained the most expensive flower. The state’s average selling price was more than $300 per pound higher than the next closest state of Missouri.
Speaking of Missouri, flower accounted for 47% of its market, or $304 million in sales. The state has sold roughly $120 million in cannabis per month since adult-use sales began in February 2023.
Missouri’s average price for flower came in at $2,065.88 for 2023, up 19.9% compared to 2022’s $1,723.44.
Another pricey state is Oregon. Despite the oversupply for some years, 2022 experienced a lower-than-expected harvest and 2023 only saw a slight rebound from that. LeafLink said that flower prices increased in the state by 6.2% to $1,046.91.
Who got the best deal? Nevada, where consumers paid on average $691. The report also noted that flower was the most competitive category in the state, with nearly 9,000 SKUs and 35% market share.
Arizona was also comparatively inexpensive, thanks to no cap on cultivation and oversupplied conditions. The average price per pound in the state was $816.55.
The third luckiest consumers were in Colorado, where the average price came in at $835.37 per pound. Flower holds a 17% market share in the state, equal to concentrates.
Vapes
LeafLink reported that the average price per gram for vapes fell by 11.8% from $20.42 to $18.02.
“Several states like Nevada, Oregon, and California saw mild decreases year-over-year (6-8%). However six of the 14 states analyzed in the report registered more than a 20% decrease in pricing, driving the national average lower,” the report said.
Other categories
Concentrates had the second-largest average price drop by 11.5%, while edibles fell by 48%. Massachusetts helped drive down prices nationally in both categories.
Massachusetts residents also seem to love edibles, as the category accounted for 41% of sales versus flower with 25% of sales.
LeafLink also noted that the legal market continues to face competition from the illicit market. That competition has led to lower prices. Plus, increased cultivation has created more supply than demand can cover. Hopefully, state initiatives to combat unlicensed operators will help shore up pricing for legal operators.
