It’s getting cheaper to get high in New York.
The average price of pot has plummeted 17% since legalization in New York state, with a market ramp up that has boosted the availability of marijuana brands in more stores, industry officials said.In 2023, the average “unit price” for cannabis was $38.61. It’s now $32.15, the state Office of Cannabis Management reports.
The number of licensed pot stores in the Empire State has soared past 500, stocking products from a growing group of farmers growing marijuana and more cultivators manufacturing gummies, vapes and even beverages.Regulators with OCM said it’s normal for prices to come down as more pot stores open and more products become available, spurring competition, as has happened in other states that legalized marijuana.
“Competition is high. We have all these brands fighting for shelf space,” said Britni Tantalo, president of the New York Cannabis Retail Association.“We are seeing more doors open,” Tantalo added, referring to the dramatic increase in retail dispensary openings.
The average price per unit covers the sales of all cannabis products in the market that includes weed, edibles, concentrates, beverages and vaporizers.For instance, an ounce or 28 grams of weed in “flower” form could cost $100 to $125, a 50% markup from the wholesale price.
A joint can go for $10, while a pack of five mini joints or pre-rolls or 2.5 grams could run $25. Vapes at 1 gram could cost $30, according to a pot retailer.“There are more cultivators and processors now. When we get a lower wholesale price, we can pass along a lower cost to the customer,” said Osbert Orduna, CEO of The Cannabis Place in Middle Village, Queens.
“It’s a good thing. It makes us more competitive with the illicit market,” he added.Illegal pot dealers don’t have the overhead costs or have to pay the 13% in taxes that licensed weed operators do to feed government coffers, he noted.Prices will do down further after pot merchants just got the ok from the state to offer promotional discounts on their products — to veterans, seniors, teachers and first responders, Orduna said.The New York market has hit higher ground after a rocky two-year rollout marred by lawsuits and bureaucratic snafus.Weed products in New York are still more expensive than the national average of states where marijuana sales are legal, according to the OCM.
In New York City, the average price for the purchase of cannabis is $33.15.But it’s only $26.39 in the Buffalo/Western New York region, the lowest in the state to get a buzz.Long Island weed is the most expensive — $41.41 per sale.There are fewer cannabis shops in Long Island because most of the localities have opted out of allowing pot stores in their neighborhoods, including all of Nassau County.
Legal weed shops have generated $1.4 billion in sales this calendar through October, a figure is likely undercounted because “some licensees have not submitted self-reported data” in recent months, the OCM said in its monthly marketing report.“Sept and Oct. figures reflect reduced self-reporting compliance, which likely understates actual sales,” the report said.That means overall sales could approach $2 billion by year’s end.Total retail sales are $2.44 billion since the launch of the legal cannabis industry nearly three years ago.
