Increased consumer demand for cannabis in Oregon helped push wholesale prices in the state out of a three-year slump caused by overproduction. For the first time since 2017, the median price per pound of recreational marijuana sold by cultivators to retailers topped $1,500 in December, according to data provided by the Oregon Liquor Control Commission. Prices also rebounded for cannabis sold to wholesale businesses. The rising prices are just another sign of Oregon’s booming marijuana market. Recreational marijuana sales in the state grew 38% in 2020, ending the year at a record $1 billion. The state experienced year-over-year growth in every month of 2020, indicating that the coronavirus pandemic and resulting recession didn’t negatively affect overall demand. In fact, the pandemic might have helped sales as consumers turned to cannabis for stress relief.
Marijuana Business Daily, 01/19/2021 06:30:00