Cash crop: Price of cannabis hits record highs in Oregon and Michigan

Good news in 2020? The world may be on fire, but, hey, at least the cannabis market is healthy. As BDSA reports, California, Colorado, and Oklahoma have experienced record sales in the second quarter of 2020. And the price of a pound of flower is actually climbing. While this may not be great news for the cannabis consumer, it’s certainly good news for the farmers and brands who’ve suffered from a decade of falling prices.

For the experienced market watcher, some of the new price reports are truly astonishing. For example, the prominent Oregon farm/brand Grown Rogue reports selling indoor flower for $1,750 to $2,000. This is a 61% increase from $1,082 in Q2. They also announced record average sales prices for August of 2020, and their Michigan subsidiary, Golden Harvests, reports numbers that would have sounded robust even in the heyday of the black market–an average price per pound of $3,000 for medical and $4,000 for recreational flower.

Of course these numbers predate the market flooding/price drop that typically follows the outdoor harvest. And all bets are off on what will happen when cuts in federal aid money reveal the true effects of widespread job loss. So a momentary flash of good news is about as sprightly as we can get. Because 2020.

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