Marijuana shortage could lead to soaring prices in Missouri, business says
KANSAS CITY, Mo. (KCTV) - Things are getting high in Missouri for cannabis users in more than one way.
Less than two months into recreational pot being legal, there’s already a marijuana shortage and that’s leading to an increase in prices.
It starts with cultivators not being able to keep up with demand, moves down the line to manufacturers paying more for what’s grown, and ultimately leads to higher checkout totals at dispensaries.
Missouri initially predicted around $50-$60 million would be spent on cannabis. Now, we’re looking at $100 million being spent. Missouri has eight bordering states, only one of which has legalized recreational use. So, demand coming in from outside of the state was not factored in and supply is suffering. Nearly 40 percent of all dollars spent in the Kansas City area has been from Wyandotte and Johnson counties in Kansas.
So, how much will prices increase? Michael Wilson, co-founder and CEO of Franklin Stash House, said customers can expect at least a 50-60 percent hike on most of his business products. For example, a blunt pack that used to cost you $35 could cost you closer to $50 or $60.
Jack Cardetti with the Missouri Cannabis Trade Association claimed there is a 5-10 percent change in almost every form of cannabis, according to one data tracker.
Wilson said it’s time to ramp up production and support the demand that exists here in the Midwest.
“So, that demand has flooded in from all the Midwest,” he said. “You compound that with NFL Draft and World Cup coming our way, and it’s time to prepare for Kansas City to really be the center for cannabis in the Midwest. And, I think that’s really what you’re seeing right now.”
It takes about four months for the plants to flower and bud, so Wilson said the soonest anyone could see some relief from the price hikes is July.
Editor’s Note: The story has been updated with information from the Missouri Cannabis Trade Association.
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