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Weed Prices are Falling From Cheap to Damn Near Free, and We Haven’t Yet Found the Bottom

Reason no. 20 to love Portland right now.

If you live in Portland and enjoy weed, you're in luck: We're currently experiencing a massive statewide cannabis surplus. Prices are falling, and there's no bottom in sight.

It's estimated that Oregon now produces three times more cannabis than its regulated adult-use market consumes in a given year. And the bubble only inflates as more and more speculative cash goes online. Presently, the Oregon Liquor Control Commission has issued 912 producer licenses, while an additional 1,107 await approval.

This means more grow operations will be launching amid an already flooded market—one best characterized by desperate and yet-to-profit farms competing with other desperate and yet-to-profit farms, and by growers slashing wholesale rates to the bone and sacrificing margins to meet bare operational costs.

According to a recent report in Marijuana Business Daily, wholesale prices for raw, extract materials—post-harvest trim, B-grade buds and other lesser-quality flowers, the kind of stuff that's commonly used to make the concentrates that fill inexpensive, disposable vape cartridges—have fallen to as low as $50 a pound.

This means that not only will flower prices bottom out in the coming months and years, but we'll probably see dramatic price reductions on concentrates and edibles as the oversupply is transmuted into more shelf-stable products.

To be clear, though, we're not applauding the current state of the industry—a lot of people stand to lose a lot of money—but one person's flaming investment is another person's smoke, smoke that consumers will be enjoying for unprecedented low prices until the market levels out.

And as state lawmakers grapple with how to best address the oversupply—reducing canopy sizes, capping the number of producer licenses the OLCC may award, establishing regulatory mechanisms for interstate cannabis trade, etc.—there's no telling when that leveling out might happen.

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3. You Can Now Smoke Weed While Listening to Live Classical Music

4. Oregon's Unemployment Rate is Incredibly Low

5. Your Favorite Sports Team is Only a Short Walk Away

6. The Blazers Star in Some Weird-Ass Commercials

7. We Now Have a Mountain Bike Park in the City

8. 24 hours after Chamber Music Northwest Burned Down, the Last Concert in the Series Went on as Planned

9. Portland is the Playground of Japanese Architect Kengo Kuma

10. You Can Soon Stream Local Music at the Library

11. Oregon Just Became the First State to Defelonize Hard Drugs

12. East Portland is Getting an Aerial Tree Walk

13. We're the World Capital of Canned Wine

14. Portland is a Hotbed of Small Bookstores

15. Unlike any Other City, We Have Multiple Niche Comedy Festivals

16. Our Developers Are Privatizing Socialism

17. The Nation's Best Airport Keeps Getting Even Better

18. We're Home to the World's First Sneaker Design School

19. Portland Scored the World's First Dog Tap Room

20Weed Prices are Falling From Cheap to Damn Near Free, and We Haven't Yet Found the Bottom

21. Our Local Mini-Mart Chain Makes Snickers Give You Free Candy Bars

22. The View From the MAX Orange Line is One of the Most Striking and Beautiful Paintings in the City 

23. We Are Still No. 1 in Semifactual Superlatives

24. We Make Biking So Accessible

25. You Can Crowdfund Anything Here

26. We Find So Many Ways to be Anti-Trump

27. Our Malls Are Becoming Cultural Embassies

28. Our Humane Society Rescues Pets From All Over the Country 

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30. No One Mourns Closures Like We Do