Legal Pot Prices Keep Getting Cheaper

The price of legal recreational marijuana is down to an average of $12 per gram in Washington state lately. Last summer, it was as high as $30 per gram.

One justification for making recreational marijuana legal in Colorado, Washington, and perhaps elsewhere soon is the hope that it will help put an end to the black market, which is unregulated and untaxed and has been known to involve gangs, drug cartels, and crime far beyond the low-level dealing of weed. But it’ll be all but impossible to stop the black market if its prices are substantially cheaper than rates on the up-and-up.

Last year, when recreational marijuana sales opened in Washington, prices were often $400 or more per ounce, typically breaking down to $25 and even as much as $30 per gram. The cost of taxes and regulation were partly responsible for the high price of Washington weed last...

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