New York’s first licensed pot store has only just opened its doors, but cannabis has flooded into the city anyway and the laws of supply and demand are working: prices are falling.
Dealers openly hawk bud, vapes and edibles from tables in Union Square. Stores advertise marijuana in their windows. Even holiday markets have weed vendors alongside the jewellery and Christmas ornaments.for almost two years, but the first licensed store – Housing Works Cannabis Co – just opened its doors to the public before the new year. In the meantime, weed has flooded into the city and is sold openly across the five boroughs.
Cannabis has long been available in New York City, with delivery services and street dealers for buyers willing to dabble in the illicit economy. “I’m spending way less on weed than I did last year, and I’m smoking the same amount,” said Ms Saito, who spends $US120 a month on marijuana – the same amount she used to spend in a week. “I swear the eighths are bigger now, and it’s cheaper.”The low prices and proliferation of sellers is putting the legal market at a disadvantage before it even gets going. While authorities have vowed to crack down on the unlicensed stores, the grey market will be difficult to get under control.
The slump in California wholesale prices has allowed Empire to regularly offer discounted ounces for as little as $US185, or $US23 for an eighth. A Black Friday sale had ounces going for $US100.The growing number of shops like Empire has left legal cannabis operators on an “unlevel playing field”, said Matt Darin, chief executive officer of Curaleaf, a Massachusetts-based cannabis company that operates in multiple US states, including medical dispensaries in New York.
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