Law of Supply and Demand Drives Price Spike in Colorado Marijuana
President Obama’s policy to not enforce US drug laws as they pertained to marijuana has helped give rise to the world’s first legal marijuana industry in Colorado. Perhaps it too is ironic that prices for marijuana, like health care premiums under the Affordable Care Act, have actually spiked. However, the 30 venues dispensing legal marijuana are reporting that prices at their locations are selling well above the street prices they obtained when the substance was illegal.
A 1/8th ounce of marijuana is now selling for as little as $35 to as much as $70. Its street value was $25 for the same quantity before becoming legal. In all fairness, the Law of Supply and Demand is at play here as well. The demand for the substance has risen sharply as people flood the stores to freely purchase a drug that once required driving to stealthy areas or performing sleights of hand to exchange money for the drug.
The price point seems to be stabilizing for now at around $65 which is more than 2.5x what it was before being legalized. The various vendors of the drug say they will now be reevaluating their supplies and price-points following the unexpected rise in prices.
colorado marijuana prices
colorado marijuana prices: Colorado’s Pot Shops Say They’ll Be Sold Out Any Day Now