Oregon’s marijuana consumers are currently enjoying historically low prices, but the future of the state’s small businesses have become uncertain.
The state’s marijuana prices have fallen dramatically as the legal market has produced a considerable surplus of products, reports CBS News.
A study by the state’s Office of Economic Analysis found that the average price of a gram fell by more than 50 percent in the past year, from $14 in 2015 to $7 in 2017. Oregon currently carries nearly 1 million pounds of marijuana to serve over 4 million people.
Data from the Oregon Liquor Control Commission found that retailers sold only 108,330 pounds of recreational marijuana last year, leaving 891,670 pounds of surplus pot.
Oregon’s U.S. Attorney Billy Williams voiced his frustration over the matter.
“In my view, and frankly in the view of those in the industry that I’ve heard from, it’s a failing of the state for not stepping back and taking a look at where this industry is at following legalization,” said Williams in an interview with the AP.