Following our debates here about the price of marijuana, I thought I would flag for people’s interest this piece by Michael Montgomery.

His reporting indicates that after dropping lower than $1,000 pound ($62.50/ounce), Northern California prices for the latest harvest have now rebounded to $2,000-$2,500 a pound ($125-$156/ounce).

I suspect normal market forces, bad weather and mold drove most of the change. The article suggests that law enforcement was influential as well by leading some growers to cut back on their crop. Possible, but it also led some dispensaries to close, which would have the opposite effect on prices (i.e., fewer dispensaries chasing grown crop would lower prices).

[Cross-posted at The Reality-Based Community]

Keith Humphreys

Keith Humphreys is a professor of psychiatry at Stanford University. He served as a senior policy advisor at the White House Office of National Drug Control Policy from 2009 to 2010.