PORTLAND, Maine — The price of pot is no longer as high as it once was.
Since the first few recreational shops opened their doors in 2020, the industry has boomed in Maine.
“Just since we’ve been open, pricing in the industry has changed a lot,” SeaWeed Co. Retail Manager Emily Hyman said.
SeaWeed Co. was the first adult-use recreational marijuana store to open in Portland. Now there are 21 other stores with active licenses in the city, according to the state’s Office of Cannabis Policy.
“Cannabis is something that many people of many different walks of life enjoy and being able to provide a reasonable price point allows people to continue indulging in that,” Hyman said.
The average retail sale price per gram has fallen. In 2020, it cost $15.83. This year, it’s down to $10.29, according to state data.
“What we’re really seeing is a price correction,” Maine Cannabis Industry Association Vice President Matthew Hawes said. “So the cannabis prices in Maine are just coming into line with where they are in most mature markets.”
Hawes says early on in the program, prices were higher without as much supply out there.
“Now we’re just seeing supply catch up with the demand side and we’re seeing a much more competitive marketplace,” Hawes said.
He says prices in Maine are getting closer to those in other states that have had legalized marijuana for much longer, like Colorado, California or Washington.
“What we’re seeing right now is where I expect the price to really stay for the foreseeable future,” Hawes said.
Consumers should know they have more options than before with varying costs to go along with it.
“There are still great craft, boutique grown companies in Maine that are producing exceptionally high-quality products,” Hawes said. “Those may stay a little bit more expensive but you’re paying for what you get. We’re now more in a market where you can pay for what you get.”
For stores like SeaWeed Co., they try to pass on lower prices to customers when they can.
“It’s not a race to the bottom to be the cheapest out there. We really pride ourselves on the quality and we’re never going to compromise that,” Hyman said. “But we also like to provide quality prices at an affordable price for our clientele.”