The future won’t get brighter.
Two years ago, the Washington state began an unprecedented policy experiment by allowing large-scale production and sale of recreational marijuana to the public. The effects on public health and safety and on the relationship of law enforcement to minority communities will take years to manifest fully, but one impact has become abundantly clear: Legalized marijuana is getting very cheap very quickly.
Marijuana price data from Washington’s Liquor and Cannabis Board was aggregated by Steve Davenport of the Pardee RAND Graduate School and Jonathan Caulkins, a professor at Carnegie Mellon University. After a transitory rise in the first few months, which Davenport attributes to supply shortages as the system came on line, both retail prices and wholesale prices have plummeted. Davenport said that prices “are now steadily falling at about 2 percent per month. If that trend holds, prices may fall 25 percent each year going forward.”
Free pot will be a good thing, because many will be too perpetually stoned to earn any money.
In a future lesson, we will learn what cheaper, more readily available, and ever more potent marijuana does to our already-cratering national IQ. Can America make Idiocracy look like a Mensa convention within a generation? Stay tuned to find out.