Three years after Maine ended the prohibition on adult cannabis use, the price of the sticky flower has collapsed by nearly 50 percent.
In 2020, one gram of the psychoactive product retailed for an average of $15.83, but so far in 2023 that number is just $8.04 per gram, according to data from the Office of Cannabis Policy (OCP).
The trend may be explained, in part, by the large number of Mainers who are growing, refining, and selling the plant.
According to OCP, there are currently 126 licensed or conditionally licensed cultivation operations in Maine and 172 licensed or conditionally licensed recreational stores.
More competition — including competition from Mainers who grow their own — means shops have to slash prices to attract business.
But if prices stay low for too long, the industry may experience some creative destruction, with unprofitable operations going out of businesses.
In 2021, the first full year of legalization, Maine saw $81.96 million in cannabis sales.
By 2022, that number grew to $158.89 million.
You can explore the OCP data portal here.