CT cannabis price analysis shows cost higher than other states

On the first day of legal cannabis sales here, many customers took to social media to decry what they saw as higher prices in Connecticut than those for comparable products in Massachusetts, among other states.

“Finally, now I can spend $35 on a pre-roll that won’t even get you high,” said one user, commenting on an Instagram post by Gov. Ned Lamont.

“But the prices at the moment are blowing my mind. It’s absolutely blowing my mind,” said another user on Reddit.

Kevin Cranford, the founder and owner of Cannactic, which he described as “a cannabis lifestyle brand that celebrates Connecticut’s unique cannabis styles,” said he heard from many friends and followers about what they thought were prizes. high on the first day of legal sales.

The perception that prices were higher may have contributed to a quiet first day of sales. The Department of Consumer Protection said the first day of sales resulted in $359,130 ​​in revenue for the seven recreational dispensaries that were open.

“You’re going to struggle with the legacy market where people know where to get product cheaper for God knows how long,” Cranford said. “Prices are higher than most places here. They are higher than Massachusetts, which is right up the road for many of us. We can just go there.”

An online price summary as of Jan. 11 shows higher prices in Connecticut for nearly every cannabis product. For example, a 100-milligram pack of cannabis gum at the Fine Fettle dispensary in Stamford cost $40.

A similar product that also contains 100 milligrams of THC, the substance in cannabis that makes a user high, cost $25 at Fine Fettle’s dispensary in Rowley, Ma. same at RISE Dispensary in Bloomfield, NJ, and $35 at Aura in Central Falls, RI.

A 3.5-gram pot of flower had an online list price of $50 at most Connecticut dispensaries as of January 11. A similar product may cost $5 less in Massachusetts, but the same or more in Rhode Island.

Prices for THC-laden gas cartridges were around $55 for .5 grams and $100 or more for 1 gram at most Connecticut dispensaries, on par with Rhode Island. In Massachusetts, however, a similar 0.5-gram vapor cartridge can cost $30, with a 1-gram cartridge costing $70 or less.

Adam Wood, president of the Connecticut Cannabis Chamber of Commerce said “prices will fluctuate” as supply and demand change. There are currently only nine licensed dispensaries in Connecticut authorized to sell recreational cannabis, seven of which opened for business on January 10, and four cannabis growers.

“You’re going to go from four growers, to potentially, depending on how things shake out, to 30 or 40 growers. That’s a big difference,” Wood said. “I think retail will also generate competition and competitive pricing.”

The limited number of sellers and producers of cannabis allowed prices to be set higher than they could be, according to Cranford.

“If you have a built-in monopoly, you can set the price point higher and see if people will move for it, and then if you own the majority of the market, you can come down as needed,” he said. “They’ll just have to keep experimenting with it.”

Cranford said the higher prices may only be temporary. Prices will fall as the market begins to settle, as they did in other states.

“Oregon had some snafus early on, but now the price is where customers need to be,” he said. “Connecticut isn’t there yet.”