How the price of legal marijuana will determine its future (Capital Hill Times)
By TYLER MANGRUM | July 18, 2014
While Seattle’s first recreational marijuana store opened last year to massive fanfare, which quickly lead to the store selling out by the end of the week and a windfall of $148,256 in tax revenue during the first three days, the high cost of the product has left many wondering whether the legal market will be able to deter customers from using the city’s existing black market once the novelty of a legal store wears thin.
Cannabis City opened with marijuana priced at $20 per gram, almost twice what has been standard for black market prices in the area. Although many have voiced concern about how high the prices are at the moment, a problem exacerbated by the looming marijuana shortage, Washington State marijuana czar Mark Kleiman recently told KPLU that the price for legal marijuana may in fact be too low and therefore encourage use by minors, despite legal marijuana only being available to those over the age of 21.