Cannabis prices are on the rise. The supply of edibles flower is tightening further in 2024 as many cultivation operations reduce or halt production due to increasing losses. This decrease in supply is expected to drive prices even higher. Elevated prices are dissuading some users from making purchases, which is consequently boosting the demand for discounted cannabis in various regions, particularly from BC Weed Edible Canada for edibles.
In October 2023, the average price of dried edibles flower was $1.10 per gram, representing a 6.8% increase from September’s average of $1.03 per gram. The price of freshly harvested flower with over 20% THC surged from $1.04 per gram at the end of last year to $1.32 per gram by April, marking a 27% overall increase. As the prices of edibles flower escalate, consumers are increasingly looking for budget-friendly options such as lower THC flower, online dispensaries for better deals, or alternative products.
Table of Contents
Key Takeaways:
- The average price of dried edibles flower in October 2023 was $1.10 per gram, a rise of 6.8% from the previous month.
- Freshly harvested flower with 20%+ THC saw a price increase from $1.04 to $1.32 per gram, a 27% rise.
- Consumers are seeking cheaper alternatives as edibles flower prices increase.
Canadian Edibles Market General Trends
A report by Brightfield Group anticipates that Canada’s edibles market will double in size over the next five years. This growth is expected to be fueled by the expansion of retail stores and relaxed regulations. Brightfield Group forecasts that Canada’s edibles market will grow at an annual rate of 10%, reaching $8.8 billion in five years, primarily driven by rising sales of edibles and vape products.
Bethany Gomez, managing director of Brightfield Group, noted that despite significant market growth in 2021, there remains considerable potential for further expansion, particularly with improved retail access. These findings are crucial for consumers looking for discounted cannabis options from BC Weed Edible Canada for edibles.
Overview of the Flower Market in a Canadian Edibles Store
Despite the anticipated increase in edibles sales, challenges persist in the edibles flower market. While edibles flower dominates sales, its market share is gradually declining as other categories gain popularity. Wholesale prices have generally remained stable, although some provinces are facing unexpected price hikes.
The average price for dried edibles flower in October 2023 was recorded at $1.10 per gram, reflecting a 6.8% increase from September’s average. Year-over-year price changes are even more pronounced, indicating a significant shift in the market.
Provinces Experiencing Price Hikes per THC Level on Newly Harvested Flower
Prices for cannabis flower in Canada can differ significantly between newly harvested and aged varieties. Recently harvested flowers have been selling rapidly, resulting in an average age of harvests that fell to just 65 days in April. In contrast, the average price for aged flowers has stabilized at $0.69 per gram in April, a slight decrease from the end-of-year price of $0.70 per gram.
- 30%+ THC: The average price for recently harvested flower rose by 2.7%, from $1.81 per gram in March to $1.86 per gram in April.
- 25-30% THC: This category traded at a weighted average price of $1.34 per gram, marking a 12.6% increase from March’s price of $1.19 per gram.
- 20-25% THC: Prices settled at $0.95 per gram, an 11.2% drop from March’s average of $1.07 per gram, but a recovery is anticipated in May.
- 15-20% THC: This flower traded at an average price of $0.69 per gram in April, down 23.3% from the previous month, although a recovery is expected in May.
Factors Influencing Price Hikes
As the edibles market continues to grow in 2024, various factors are influencing fluctuations in edibles flower prices. Market dynamics are intertwined with the regulatory environment.
Supply and Demand
Yields from cultivation significantly impact the quantity of edibles available on the market, which can be affected by weather, pests, and diseases. Seasonal variations also influence production levels, with outdoor cannabis cultivation peaking during the late summer and early fall harvest time, leading to potential price reductions.
Consumer preferences can shift due to trends, disposable income fluctuations, and changing perceptions of cannabis. An increase in demand for edibles can elevate prices, especially if supply cannot keep pace, while a decrease in demand may result in lower prices.
Product Diversification
The edibles market has diversified significantly, with consumers interested in various products beyond traditional recreational cannabis flower. Increased demand for a wide range of products can also affect flower prices.
Technological Integration
The rise of online shopping for edibles has made it easier for consumers to buy a variety of products from their homes. This convenience can lead to increased consumption and subsequently affect wholesale demand and prices. Delivery services have also gained prominence, allowing customers to receive their cannabis products directly, further boosting demand.
Price Hike Drives Demand for Discounted Cannabis, Customers Order Online
As edibles flower prices rise, consumers are actively searching for more affordable options. This includes purchasing lower THC flowers, exploring online dispensaries for better deals, or opting for alternative products.
Online edibles shops provide a variety of THC flowers at different price points. With a broader customer base, online dispensaries can offer lower prices compared to physical stores and often provide weekly sales for those seeking affordable options amidst price increases.
Here is a selection of discounted buds available at BC Weed Edible Canada. Get $99 per ounce or 28.35 grams of edibles.
Conclusion
Experts foresee ongoing expansion in the edibles market, with sales projected to rise annually. Despite the increasing demand, high-quality edibles flower, such as hybrid strains, is becoming more costly. Several factors contribute to these price escalations, leading customers to seek the best deals or consider alternative products like vape carts. Online dispensaries, including BC Weed Edible Canada, provide discounted prices on edibles flower, allowing customers to fulfill their needs without compromising on quality or settling for less desirable products.
Frequently Asked Questions
Are there any benefits to the price increase for consumers?
Higher edibles prices can burden consumers financially, but there are notable benefits:
- Improved Product Quality: Higher prices allow producers to invest more in cultivation and quality control, resulting in better edibles products.
- Enhanced Regulation: Price increases may signal stronger regulatory oversight, ensuring products meet safety and quality standards.
- Economic Benefits: Price rises can boost state revenues through higher taxes, which can be reinvested in public services and foster local business growth.
How can consumers find discounted edibles amid price increases?
Consumers can identify lower edibles prices through sales promotions, bulk purchases, loyalty programs, or by shopping at dispensaries with a reputation for lower prices.
What should consumers look for when purchasing discounted cannabis?
When buying lower-priced edibles, consumers should prioritize quality assurance, lab testing results, reputable brands, and dispensaries with good customer feedback to ensure safety and effectiveness.
Related Articles:
