The Price Of Marijuana May Drop Thanks To Phil Murphy
New Jersey's newly-elected Governor, Phil Murphy, promised to legalize the recreational use of marijuana for people who are at least 21 years old within his first 100 days in office.
And it looks like if he pulls it off, the price of marijuana could plummet (even if not immediately).
With New Jersey being one of the remaining states where marijuana is illegal, collecting price ranges can be difficult and solely relies on hearing trends through word of mouth.
Currently, the highest-quality of marijuana in New Jersey currently costs $345 an ounce and medium quality costs $299 an ounce.
However, in Colorado where recreational marijuana use was legalized back in 2014, an ounces costs approximately $242 for high quality marijuana, but with specials and membership deals can be lowered all the way down to $99. T
This cheaper trend is seen across the Western side of The United States which experts predict is due to its legalization.
"In an illegal market, the risk involved drives up the price," said Adam Orens, co-founder of Marijuana Policy Group. "Here (in Colorado), prices have declined nearly every month."
Of course there are other factors that will affect New Jersey's marijuana prices including supply and demand, how many places will grow the plant, and how many places are willing to sell it.
But you know the saying....make the forbidden fruit not so forbidden and it loses its luster.
For a more detailed look at this story, check out the original at NJ.com.
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