National “Weed Glut” Is Causing Prices To Plummet

Politico reports:

Ill-fated hopes that a Democratic-controlled Washington might loosen decades-old restrictions on the drug have given way to a market glut and plummeting prices that have put scores of businesses at risk of collapse.

In Colorado, prices have dropped by 51 percent over the last two years. The price of a pound of weed has plunged by 36 percent in Massachusetts and 46 percent in Missouri in just the last year.

The price drop is even more extreme in Michigan. Over the last two years, the price of weed in the recreational market has plummeted about 75 percent — from nearly $400 an ounce to less than $100.

Read the full article.