In a time of historic inflation, cannabis prices have tumbled due to various industry issues. According to the new Leafly Cannabis Harvest Report 2022 just published, adult-use cannabis farmers in the US grew 554 more metric tons of cannabis in 2022 than they did the year before, and the crop’s value fell by $1 billion. Ealier this year, cannabis had been the countries fifth most valuable crop, but now, due to prices, it’s dropped to America’s sixth largest cash crop. The Leafly Cannabis Harvest Report 2022 finds that, generally, Western US cannabis farmers grew too much over the last year. Meanwhile, Midwest and Eastern farmers did not grow enough to meet their region’s demand. And while licensed farmers are still not allowed to sell across state lines, the black market still does. This ends up hurting legal western farmers, and over-charges Midwest and East Coast customers. For example, residents of Illinois and Maine, pay some of the highest prices for marijuana in the country, while customers in Colorado, Oregon, and California pay some of the lowest prices.
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