The legal marijuana market in New York is experiencing a significant reduction in prices due to heightened competition and an increase in the number of establishments. Recent data shows a 5% decline in the price of flowered cannabis and even steeper drops in edibles and concentrates. John Kagia, OCM's executive director, explains that more brands are adopting value pricing to capture market share, which is impacting overall pricing strategies across categories. These price decreases benefit consumers and challenge illegal sellers, indicating a healthier market dynamic.
The average price of 3.5 grams of flowered cannabis dropped 5% over the past year, from $41.13 to $38.96, due to increased competition.
As the market has grown to over 500 brands and nearly 370 stores open, we have begun to see average retail prices fall in several leading categories.
Retailers are adjusting their prices as part of their competitive strategy as more locations have opened, contributing to price compression in the market.
Lower prices indicate a growing diversity of products available in the market, increasing affordability for consumers while favoring legal retailers.
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