===>>GO TO THE STORE<<=== п»їEye-Popping Medical Marijuana Prices In Virginia Are Driving 90% Of Patients To Unregulated Sources, Study Finds.
Virginia Cannabis Control Authority (CCA) released a report Tuesday on its medical marijuana market, revealing that the high prices are driving consumers to buy products in bordering states . The 2023 General Assembly session requested the CCA to review the medical marijuana program with a focus on patient access and the need for new licenses, writes Cardinal News.
The consultants surveyed 1,827 consumers, of whom 376 are certified medical marijuana (MMJ) patients. The 78-page report revealed that 90% of patients are buying their MMJ from sources outside the state. The biggest proportion of grams is procured via an unregulated, “but not necessarily illicit” market.
Study Summary.
The study found that the Virginia medical cannabis program is struggling to capture patients amid evolving local policies as well as adult-use policies in bordering states, resulting in high prices.
About 57% of MMJ patients obtained cannabis by growing at home and 65.2% of patients received cannabis from a friend or family . This indicates that recent home-grow and adult-use sharing legislation has negatively impacted the ability of Pharmaceutical Processors to obtain and meet demand. Some 12% of patients report traveling to other jurisdictions, most notably Washington DC and Maryland where prices are much lower. Only 0.5% of Virginia's total population is enrolled in the medical marijuana program, which further supports the finding that individual can obtain their products elsewhere. Virginia patients reported spending an estimated $19 per gram on average for medical cannabis flower, which is higher than the national average. The study revealed that the average price per gram of flower in Virginia is actually around $14, which compares to $10 in Pennsylvania, $9 in Arkansas and $10 in Florida. Some consumers also complained about high registration fees, inconsistent supply, low potency and overall access.
“In the current cannabis policy landscape, it is unlikely that the additional stores for the existing firms could successfully serve as a mechanism to drop prices, simply because pharmaceutical retailers would maintain regional domination over supplying price,” said Mackenzie Slade , Cannabis Public Policy Consulting’s executive director. “That is just the nature of the limited license design, part of which we believe is the reason that prices remain high.”
CCC proposed several pathways that could help improve Virginia's medical marijuana program. They include the issuance of the remaining Pharmaceutical Processor licenses in Health Service Area I (HSA) or the addition of limited standalone medical cultivation, manufacturing and dispensary licenses that can operate within any HSA combined with enabling Pharmaceutical Processors to expand beyond their six-store maximum within their area.
В© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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