Wholesale prices of marijuana and hemp oil have fallen from a year ago, according to industry executives, reflecting rising oil production nationwide that has more than offset an uptick in cannabis sales amid the coronavirus pandemic.
The drop in wholesale oil prices reflects multiple market factors working simultaneously – and sometimes at odds with one another.Marijuana demand, for starters, rose after dozens of states declared MJ businesses essential and allowed them to stay open during the pandemic. Consumers stocked up and have continued to drive marijuana sales month-over-month.
In response, cultivators have been growing plentiful supplies of raw cannabis, from which oil is derived.
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