The raw numbers would be startling to a business in any industry.
In four years, the retail price of cannabis in Massachusetts has plummeted by more than two-thirds. An eighth of an ounce of pot, a typical purchase for the casual smoker, sold for about $50 on average in early 2021. Today, it goes for closer to $15, according to state data.
But in the world of legal cannabis, a nascent industry still finding its footing, the dizzying price drop has doomed some cannabis growers and sellers and has others dreading the potential loss of their livelihood. Though identifying the precise number of shuttered cannabis businesses is difficult, state officials say more than 50 have surrendered their licenses to operate.
Business owners invested volumes of cash — some, up to several million dollars — and sunk personal savings into new marijuana ventures, hoping to strike gold in the rush that followed the state's legalization of the drug in 2016. Many optimistic entrepreneurs banked on pot prices staying high long enough to turn a profit.
Read more at MassLive