Being in NY, December 1st felt a lot like this:
Not surprising, there were incredibly long lines forming around the small number of recreational shops which were all located with Ann Arbor. Prohibitionists like to cheer on communities who ban recreational sales, as I have mentioned in my previous post, but banning the stores will just result in the traditional “black” market to continue in force.
Someone on Facebook shared an image(I tried to find the original source but couldn’t) showing the price list from one of the operating dispensaries:
Two things jump out; one being the limit on flower purchases and the other being the incredibly high prices(before taxes). The limit on flower purchases make sense for day 1. There is a limited supply and as we have seen in other states, hundreds of people show up looking to buy legal cannabis.
The prices, however, are just insulting. $70 for an 1/8th is almost double what the going rate is now on the street. With this being my first time monitoring a day 1 release in such a manner, I’m not sure how this has compared to other states on day 1.
I am really hoping this is simple supply/demand and that the prices will eventually come down to a more reasonable level. Price fluctuations are bound to happen in any commodity market especially one as new and erratic as cannabis.