Study: Money Spent on Medical Marijuana in Arizona to Double in 4 Years
The amount of money spent on medical marijuana in the next four years will nearly double according to a new study — assuming the Trump administration doesn’t step in.
Projections by New Frontier Data and ArcView Market Research peg retail sales this year at $367 million. But by 2020 the report figures it should reach the $681 million range.
What makes that spending increase even more remarkable is that the report’s authors say the price of medical marijuana is likely to drop sharply during the next few years. Put another way, each dollar spent will buy more pot.
“Operators interviewed stated they have seen wholesale prices fall from over $3,500 per pound to less than $1,800 in some cases, with continued declines expected,’’ the report states.
Some of that is simple competition. For example, the state Department of Health Services recently granted permission for 31 new dispensaries to open in...
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