B.C. saw lowest average weed price hike in Canada Connoisseurs of B.C. bud have seen a slim increase in average pot prices since the government legalized cannabis last fall, according to Statistics Canada
New numbers released Wednesday from a running national survey of both legal and illegal cannabis buyers found that countrywide, consumers reported an average price hike of about 17 per cent since pot became legal.
But B.C. users reported paying an average of just 3.7 per cent more for their cannabis.
Cannabis expert and CEO at Materia Ventures Deepak Anand chalke that low margin up to legal sellers being forced to compete with a well-establishe grey market.
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“The illicit market has been entrenche for quite a while now in B.C. Most companies, producers, the government know that in order to compete with them, pricing needs to be in line with that,” he said.
“They want to make sure that they’re able to get a sizable piece of the pie and not be irrelevant so from a retailer’s perspective, they want to capture as much of the market share as they can so they want to make sure they’re competitively price.”
Anand said on the government side, B.C. Cannabis Stores has hired extensively from the existing industry and studied it closely to ensure its business could compete.
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But in B.C., prices closer to the illicit figure are easy to find on the B.C. Cannabis Stores website, with a sizable selection of product priced at $6.99 to $7.99 per gram. High-end weed goes for as much as $86.79 per gram.
“It’s probably true that B.C. Liquor Distribution Branch has sought out price competition as a core priority,” he said. “They definitely were assertive in their positions around price competition when they were negotiating with us,” said Sutton.