New York’s Legal Marijuana Market Sees Significant Price Drop
Since the legalization of marijuana in New York, the average price of the drug has plummeted by 17%. According to the state’s Office of Cannabis Management, the average “unit price” for cannabis has decreased from $38.61 in 2023 to $32.15. This significant drop in price is attributed to the rapid growth of the legal market, which has led to increased competition among licensed pot stores and cultivators.
The number of licensed pot stores in New York has surpassed 500, offering a wide range of products including flowers, edibles, concentrates, beverages, and vaporizers. As more stores open and more products become available, prices are expected to continue to decline. Regulators at the OCM note that this is a normal phenomenon in the legal marijuana market, similar to what has been observed in other states that have legalized the drug.
While prices have dropped significantly, they are still higher in New York compared to other states where marijuana is legal. However, the decline in price is expected to make cannabis more accessible and affordable for consumers. In New York City, the average price for the purchase of cannabis is $33.15, which is lower than the state average but still higher than in some other states. Despite this, the legal marijuana market in New York is expected to continue to grow and evolve, with prices likely to continue to drop as competition increases.
