The price of weed is going down, which is good news for regular marijuana users.
According to Bloomberg, the average marijuana users in states where it’s legal is only spending just over $50 a month on weed. That’s just short of $650 per year. Those numbers were put together by a firm that analyzes cannabis trends called Headset Inc.
Headset looked at 40,000 legal marijuana purchases in Washington State, between 2014 and 2016, and found the average user is a 37-year-old man who makes 19.5 purchases per year. The majority of cannabis users were millennials, between the ages of 21 and 34, and they made up over 50 percent of the group. Elderly people weren’t purchasing a lot of weed, as those over 60 only accounted for just short of 10 percent of the purchases.
The analysis found younger people tended to make more frequent, smaller purchases, while older people tended to make less frequent, larger purchases. People in their twenties tend to go to a marijuana store every 16 days or so, while someone in their forties might go every 20 days.
“As you’re older, you might have more money to go and make bigger purchases,” Headset co-founder Cy Scott told Bloomberg. “The millennials might be out and about more; they can drop into [marijuana dispensaries] more often. Older people might just plan more.”
There is a lot of evidence that weed prices are falling in states that have legalized. The price of weed peaked at $25 per gram for high quality bud after the state legalized marijuana, and it is now at around $10 per gram. In my own state of California, we’re paying as high as $20 per gram in dispensaries.
The price per gram at a retail store in Colorado is just over $5 per gram, and it was $3 more than that just a couple years ago. Prices are falling, and marijuana enthusiasts are reaping the benefits.
One group of people who’s had issues with the falling price of weed is the stores that are selling it. Retailers in Washington have seen prices drop quickly without necessarily seeing their customer bases grow at the same rate. Shops are having to make efforts to expand their customer cases so they can sell more of the lower priced product.
One benefit to prices falling is that it helps eliminate the black market for marijuana that can cause problems for states and those advocating for marijuana. When it’s just as cheap to get something in a real store, there’s little reason to go looking for it on the streets. The owner of your local dispensary also doesn’t chill on your couch and ask for a slice of pizza.
[Photo by O’Dea/Wikimedia]