Competition drives Colorado bud prices down

Capelli D'Angelo

English: Close up shot of some high quality ma...
English: Close up shot of some high quality marijuana. (Photo credit: Wikipedia)

As more dispensaries open in Colorado, the price of weed is going down thanks to competition, according to Forbes magazine.

“To put this in perspective, there were 156 retail marijuana stores and 204 retail marijuana cultivation facilities at the beginning of 2014, according to the Colorado Marijuana Enforcement division,” said Nicholas Colas, marketing chief at Converge. “At the end of December 2014, there were 322 retail stores and 397 retail cultivations respectively.”

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Average price for recreational customers buying an ounce used to be from $300 to $400, now they are selling on the lower end of $300, according to statistics in a Forbes article.

This could affect tax revenues this fiscal year, but numbers show that the dispensaries are serving more customers.

To read more about changed marijuana prices in Colorado, check out the full story.