Price per gram of cannabis hits new high in CT
After two months of dipping sales, Connecticut’s cannabis market crawled back in March, according to state data, with the average price per gram higher than it’s ever been.
Sales of recreational cannabis in Connecticut hit their peak in December, when more than $17.2 million worth of recreational cannabis was sold. Sales were down from that high both in January and February to $15 million, but inched back up in March, hitting $15.6 million.
The average price per gram, however, has steadily, if incrementally increased, reaching $12.51 per gram, the highest it’s been since Connecticut’s legal recreational market began Jan. 9, 2023.
That number includes both sales of recreational cannabis “flower,” the usable plant matter, and medical cannabis, sales of which remained largely flat in March, $8.6 million.
The price of cannabis flower has increased month over month since October, when it was at its low of $9.76 per gram. The previous high was the start of the state’s cannabis market — the cost per gram of cannabis flower in January 2023 was $12.32, slightly lower than it was in March.
Ben Zachs, COO of Fine Fettle, said it is a question of “supply and demand.”
“We do not have the abundance of options right now in Connecticut. There is enough overall supply, however, customers want choice and customers want options,” he said. “While there might not be a shortage, we don’t necessarily have all of the supply to make the market as great and competitive as it will be.”
The average price of recreational cannabis products, which includes gummies, vapes and other forms of cannabis, as well as flower, was $40.38 in March, a single cent higher than in February.
Cannabis flower makes up the lion’s share of products sold, 51 percent. The next most popular product is vapes, which comprised 30 percent of sales in March.
There are currently five cannabis cultivators with products on the shelves, though more are expected to open in coming months.
Art Linares, co-owner of cultivator and processor Rodeo Cannabis, said an oversupply in Massachusetts has caused the price of cannabis to plummet.
“We’re getting job applications from folks in Massachusetts, because the company either closed or they’re not happy there,” he said. “The market is oversupplied, and it makes it really challenging for growers to stay in business.”
Zachs said lower prices in other states has pushed customers elsewhere.
“I would not be surprised if a lot of customers in Connecticut are not shopping in Connecticut,” he said. “Massachusetts, Rhode Island, New York, the legacy market which has good quality and no taxes: All of those are real options.”