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Legal cannabis market growth rate in the U.S. 2015-2020, by state
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The graph shows the forecast of average marijuana prices in Alaska from 2016 to 2020.
Though consumers of legal cannabis may be frustrated with its retail price, those involved in the production of the marijuana industry have high hopes for the future and the progression of an ever-growing market.
In states like Oregon and Washington, which have had more time for the market to adjust, prices have declined due to the steady increase in the number of dispensaries. With more shops available, sellers have to compete for business, resulting in lower prices.
by Lilia Lundquist · Published October 11, 2017 · Updated January 31, 2019
Davis has monitored how far states like Colorado and Washington have come since first legalizing cannabis.
According to the state’s website, over the two years since Alaska’s legalization of recreational cannabis, sales on marijuana have generated $1 million in revenue. The source of this tax comes not from the dispensaries, but the cultivation factories that harvest, and ensure quality of all the product.
“I think dispensaries are utilizing their monopoly on legal weed,” said Hannah Seaman, a 24-year-old electrical engineer major, who voted for the legalization. “It is more economical to buy it from people who aren’t organized by the government.”
Compared to other states, Alaska’s prices are much higher. The average price for a gram of cannabis in other legalized states is around $10, while in Alaska, a gram is priced at around $20. The average price of an ounce of recreational cannabis in legal states is roughly $220, according to a survey ran by Forbes. Alaska’s average rate for an ounce is nearly $300.
“It’s all about balance; we need to let the market mature in order to see any change in the price of product,” said Trenton Davis, who works for a local marijuana cultivation facility.
The nature of marijuana plants plays a big part in the cost. The plant is slow-growing, making it a challenge to keep up with consumer demand for the product. Aside from the issue of supply not reaching the demand, the sales tax on cannabis transactions is a major contributor to exceptionally high prices.
Cannabis prices higher in Alaska by Lilia Lundquist · Published October 11, 2017 · Updated January 31, 2019 While residents who voted for the legalization of marijuana in Alaska were