Low wholesale cannabis prices are behind the closures of Massachusetts marijuana retailers and producers in 2023.
At least 17 marijuana businesses have either lost or returned their licenses to operate in the state, according to MassLive.com.
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Not all shuttered entirely, however, the news site reported.
Some might have stopped operating in the adult-use market but are still working in medical marijuana, for example.
And the number could be higher because some cannabis companies might be planning to sell their licenses rather than give them up.
That’s because prices have tanked: The average cost of an eighth of marijuana in Massachusetts was $45 in 2021, according to state data.
Now, an eighth is roughly $20.
“It’s a buyer’s market,” Jennifer Ngo, the chief of staff at cannabis retail chain Bud’s Good, told MassLive.com.
Cannabis shopping by out-of-state residents has also declined in Massachusetts this year as nearby
Read full article on Marijuana Business Daily
