The larger the legal cannabis market becomes, the more data there is to track trends and figure out what consumers are into. It also becomes easier to figure out average prices for different products around the country.
Interestingly, brand new market data shows that tinctures and topicals are among the most expensive cannabis products. Meanwhile, edibles and THC capsules are on the cheaper end of the spectrum.
New Data: Price per Milligram of THC
The new data comes from a report published recently by the Seattle company Headset. Specifically, the report looks at the prices of various cannabis products in four key marijuana-legal states. These states are California, Colorado, Washington, and Nevada.
To come up with a more or less uniform way to compare the relative costs of different products, the report quantifies everything in terms of price per milligram of THC.
Here are key findings from the report:
- In general, California tends to have the highest overall prices for cannabis and cannabis products. However, this isn’t true across the board in all product categories.
- The average price for weed-infused drinks in the four states included in the study is 26 cents per milligram of THC.
- Nevada has the most expensive weed drinks, coming in at 28 cents per milligram of THC. Washington is cheapest, at 22 cents per milligram.
- For edibles, the average price across the four states is 20 cents per milligram of THC.
- Nevada has the most expensive edibles, at 23 cents per milligram. Meanwhile, California’s edibles are 17 cents per milligram of THC.
- The category for tinctures and sublingual products have an average throughout the four states of 32 cents per milligram of THC.
- Colorado has the most expensive tinctures and sublinguals, at 41 cents per milligram. And Nevada is the cheapest, at 25 cents per milligram.
- For THC capsules, the average price is 20 cents per milligram of THC.
- Colorado has the most expensive capsules, at 25 cents per milligram. In Washington, it’s only 13 cents per milligram.
- Topicals average price comes in at 32 cents per milligram of THC.
- In Nevada, topicals cost an average of 41 cents per milligram, while in Washington it’s only 19 cents.
Market Trends
As you can see from the numbers above, topicals and tinctures tend to be the most expensive cannabis products. Both categories cost an average of 32 cents per milligram of THC.
At the other end of the spectrum, this study found that THC capsules and edibles are the cheapest among the categories included in the survey. Both product categories cost an average of 20 cents per milligram of THC.
These product-level trends are part of much larger trends that extend across the entire cannabis industry.
According to recent numbers, experts expect the U.S. industry as a whole to hit $47 billion in annual sales in the next decade.
Breaking that down further, many predict that concentrates and edibles are likely to drive much of that activity.
Similarly, the CBD market has seen some explosive growth lately, including from the mainstream, non-cannabis market. And experts are now predicting the CBD boom will continue accelerating a lot of the activity within the industry as a whole.
In fact, the CBD market alone is expected to climb well above the $2 billion dollar mark by 2020.