Article by Jen Skerritt, Bloomberg News via Mercury News
It’s relatively cheap in Seattle, and L.A. and San Francisco are pretty competitive, but it’s an entirely different story on the East Coast, especially in the nation’s capital.
We’re talking marijuana prices, of course. According to the 2018 Cannabis Price Index, a study compiled by Seedo, a Tel Aviv-based company that produces devices for home growers, the average cost in Seattle is $7.58 a gram, while it’s a whopping $18.08 in Washington. In New York City, which consumes more marijuana than any other metropolis on Earth, the average price is $10.76.
According to Seedo, the data (collected in December and January) matters because it helps to show the kind of tax revenue that could be collected if weed was legalized — something that Canada plans to do later this year. In Toronto, where the price is C$9.64 ($7.82), the city could generate as much as C$152 million per year if it levied tax at the same rate as cigarettes, the study shows, while the Big Apple could collect $354 million.
It’s still unclear how Canada will actually set prices. Federal and provincial governments have agreed to split the proceeds from cannabis taxes, with 75 percent of the proceeds going to provincial authorities, who will oversee cannabis distribution.