Power of the Market: Legal weed prices have plummeted

It has only been a couple of years since a few states, like Colorado and Washington, legalized marijuana, but the power of the marketplace is already in full force.

According to new data from BDS Analytics (via Axios), the cannabis industry has soared to more than $6 billion annually, sales are surging and, most important of all, the cost is coming down. And this isn’t making the farmers and the retailers happy one bit.

For instance, in Washington state, the average price per gram of weed plunged from $20.13 in 2014 to $5.81 in 2017. As another example, in Colorado, the average price per gram dropped from $9.38 in 2014 to $6.85 in 2017.

Meanwhile, millions of grams of whacky tabacky are surging; in Washington, sales skyrocketed from 1.7 million three years ago to 35 million as of May 2017. With more states expected to legalize doobies, you can expect more growth, more sales, more demand.

Here is a chart:

No drug cartels, no alleyway violence, no law enforcement agents ruining the lives of young people. The power of the free market is a much better solution than any government proposal. It is transparent, costs are coming down and there are voluntary exchanges between adults.

It’s your body. You can do whatever you want with it.

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