The price of legal recreational cannabis in Washington State has dropped to an average of $10 a gram, down from $25 – $30 a gram when sales first began in 2014. This is according to the state’s Liquor and Cannabis Control Board.
The drop in price is attributed to two factors; an increase in the number of retail outlets and cultivation centers which has increased competition, and a recent change in the state’s tax structure. Initially cannabis was taxed 25% at three different levels, but due to changes made by state lawmakers in the last legislative session, cannabis is now taxed only once; 37% at the point of sale.
According to the Liquor and Cannabis Control Board, there are 197 cannabis retail outlets reporting sales throughout the state. The average daily sales is over $2.3 million.