In this article, we are going to discuss the 20 cities with the cheapest weed in the world. You can skip our detailed analysis of the place with the most expensive weed in the world, the global cannabis industry, the budding cannabis-based pharmaceutical industry and the interest of big pharma, and the rise of e-commerce in the cannabis industry, and go directly to 5 Cities with the Cheapest Weed in the World.
Before the war on drugs put marijuana farmers firmly in its crosshairs, cannabis was being grown openly and with commercial success on every continent on earth, much as it had been for centuries. However, with the passage of time, marijuana came to be perceived as a threat to the order of society, and stamping it out naturally began with laws on prohibition.
Most Expensive Weed in the World:
Before we step into the realm of cheap ganja, let’s talk about the place where indulging in marijuana will put a serious dent in your wallet. According to Price of Weed – a website that uses self-reporting to aggregate prices in various countries – Bermuda is the place with the most expensive weed in the world, where a gram of the herb will set you back by over $50.
Global Cannabis Industry:
As we mentioned in our article – 20 Cities with the Highest Weed Consumption in the World– the global cannabis market was valued at $47.32 billion in 2022, and is projected to grow from $57.18 billion in 2023 to $444.34 billion by 2030, growing at a CAGR of 34% during the forecast period.
North America dominates the market and is projected to be the fastest growing region. Marijuana legalization is gaining momentum around the globe, driven primarily by the increasing recognition that the product may have a range of legitimate medicinal benefits and therapeutic applications. It is the most widely cultivated, trafficked, and consumed drug worldwide.
Cannabis-based Pharmaceutical Industry:
The FDA understands that there is increasing interest in the potential utility of cannabis for a variety of medical conditions. In 2018, the federal watchdog approved the country’s first-ever drug derived from marijuana – Epidiolex. Produced by GW Pharmaceuticals, the drug is used to treat two rare forms of epilepsy.
The $7.2 billion acquisition of GW Pharmaceuticals by the global biopharma giant Jazz Pharmaceuticals plc (NASDAQ:JAZZ) in 2021 is the latest sign of the growing legitimacy and increased receptivity of cannabis-based drugs in the pharma industry. With the new purchase, Jazz Pharmaceuticals plc (NASDAQ:JAZZ) – which has focused primarily on sleep medications and oncology – has augmented its neuroscience portfolio. Net product sales of Epidiolex reached $746.4 million in 2022 – an increase of 12% from the previous year – according to an announcement by Jazz Pharmaceuticals plc (NASDAQ:JAZZ).
Pfizer Inc. (NYSE:PFE) has also entered the medical cannabis industry, betting on a promising cannabinoid-based bowel disease treatment. In December 2021, Pfizer Inc. (NYSE:PFE) announced the acquisition of the clinical-stage company Arena Pharmaceuticals for a total equity value of around $6.7 billion. By acquiring all the shares of Arena for $100 per share in an all-cash transition, Pfizer Inc. (NYSE:PFE) has joined other big pharma companies in the cannabis space.
E-Commerce in the Cannabis Industry:
Demand for online ordering, e-commerce, and delivery options spiked during the Covid-19 pandemic and many businesses were forced to evolve. As an essential business during the lockdowns, cannabis dispensaries and brands needed to take steps towards e-commerce platforms to meet growing consumer demands. Ultimately, this pandemic-driven shift in e-commerce sales motivated many cannabis brands to implement online dispensary management software and management systems.
Jane Technologies is a California-based startup building the backends for dispensaries that are quickly taking their offerings online, and the platform accounted for 20% of all legal cannabis sales in the U.S. in 2021. The company announced a $100 million Series C financing round in August 2021, bringing the total amount raised since its founding in 2015 to $130 million.
According to Jane Technologies, online sales account for 38% of all legal cannabis sales. In 2020, the company powered more than 17 million orders totaling over $2 billion in transactional volume. The retail tech company launched its first iOS app in 2022 and even launched an innovative point-of-sale platform for cannabis dispensaries last month.
With that said, here are the Cities with the Lowest Prices of Weed in the World.
Methodology:
To collect data for this article, we have referred to the 2023 Cannabis Price Index by the CFAH, looking for the Cities with the Cheapest Weed in the World. To keep our list relevant, we have only selected larger cities with populations of 200,000 or more. When two cities had the same price of weed, we ranked them by their annual cannabis consumption instead.
If you also wish to invest in the cannabis industry, here are the 11 Best Marijuana Stocks to Buy Now.
20. Northampton, UK
Price of Weed per Gram: $9.1
Recreational cannabis has been illegal in the U.K. since 1928 and today, cannabis is classified as a Class B – or middle risk – substance. In theory, possession of cannabis can still land you with five years in prison. However, if you’re a first-time offender and have only a small amount on you, then you are more likely to get off with just a cannabis warning.
19. Boise, ID, USA
Price of Weed per Gram: $9.1
While its neighboring states allow recreational and medical marijuana use, Idaho remains strictly bud-free. This causes hundreds of customers and workers to make the pilgrimage from Idaho to the neighboring town of Ontario (OR), which is home to 11 dispensaries. According to Debbie Folden – the mayor of Ontario – the city’s cannabis market caters almost exclusively to Idaho residents.
18. Glasgow, UK
Price of Weed per Gram: $9
Weed is the most popular illegal drug in Scotland. Though recreational weed is banned in the country, the medical use of cannabis became legal in 2018. In June, 2021 Scotland prescribed its first dose of cannabis to treat medical conditions, namely chronic pain. Polls have shown that around 47% of the people living in Scotland supported weed legalization.
17. Albuquerque, NM, USA
Price of Weed per Gram: $9
Gov. Michelle Lujan Grisham announced in April that the state of New Mexico saw $300 million in adult-use cannabis sales in its first year, which began in April 2022. New Mexico’s relatively low prices are the result of a competitive market that reflects low barriers to entry for licenses, which is in contrast to many other states. Albuquerque is among the U.S. Cities with the Highest Weed Consumption in 2023.
16. Novi Sad, Serbia
Price of Weed per Gram: $8.9
Cannabis is illegal for recreational purposes in Serbia but the country has a limited medical marijuana program. Serbia is among the countries with low cannabis prices, lower than its surrounding countries.
15. Las Vegas, NV, USA
Price of Weed per Gram: $8.9
Since Nevada legalized weed in 2017, the Las Vegas Strip generally smells like marijuana and that’s not really the image that the city’s various hotels and casino operators want. But a new Nevada law allowing consumption lounges will change that and the first legal cannabis lounges have been approved.
Las Vegas ranks 15th in our List of Cities with the Cheapest Weed.
14. Adelaide, Australia
Price of Weed per Gram: $8.6
Adelaide is home to the cheapest recreational weed in Australia. When compared to legal medical marijuana, the price of illegal weed is less than half of what you would pay for prescription buds.
13. Los Angeles, CA, USA
Price of Weed per Gram: $8.3
The price per pound of cannabis fell in 2021 because of massive overproduction across California. The tough competition from the black market also forces retailers to keep prices low, as 2 out of every 3 cannabis purchases are made in the illicit market.
With $5.3 billion in legal sales last year, the Sunshine State is the Largest Cannabis Market in the World.
12. Bristol, UK
Price of Weed per Gram: $8.2
Bristol was named as the ‘Weed Smoking Capital of the U.K.’ in 2017. A government report into ‘drug misuse’ found that more people in the ‘West Country’ reported smoking cannabis than anywhere else in the U.K., with 8.4% of the population having used it in the previous year.
11. Denver, CO, USA
Price of Weed per Gram: $7.8
In July 2022, price per pound of flower fell to $709 in Colorado, the lowest since the state revenue department started reporting prices in 2014. That’s nearly half of what it cost to get high in 2020.
Colorado is the cheapest place to live with weed in the U.S., as it has a relatively high median household income and a lower cost of living.
10. Saskatoon, Canada
Price of Weed per Gram: $7.7
Though there are no official numbers on street drugs, research suggests that legal cannabis pricing has even become competitive with that of illicit cannabis in Saskatchewan. After the province dropped the cap on cannabis retail stores in 2020, Saskatoon alone ballooned from six retailers to more than 30 in just a year.
9. Calgary, Canada
Price of Weed per Gram: $7.4
Calgary is home to SNDL Inc. (NASDAQ:SNDL), one of the largest private-sector liquor and cannabis companies in Canada. SNDL Inc. (NASDAQ:SNDL) develops and distributes liquor and cannabis products through its banner businesses. The company was formerly known as Sundial Growers Inc. and changed its name to SNDL Inc. (NASDAQ:SNDL) in July 2022. Calgary ranks among the top 10 cities with the cheapest weed in the world.
8. Toronto, Canada
Price of Weed per Gram: $7.3
Inflation may be at multi-decade highs, but the Canadian marijuana producers are slashing prices to fight for market share, resulting in Canada being one of the countries with the cheapest weed in the world. Prices for recreational and medical cannabis in 2022 were 8.3% and 10.2% lower respectively, as compared to the previous year. Toronto is one of the most weed-friendly cities in the world.
7. Portland, OR, USA
Price of Weed per Gram: $7
At $7 per gram, marijuana prices in Portland are lower than they’ve ever been because the market is saturated with product and the demand isn’t growing. Portland was declared the ‘Best Weed City’ of 2023, according to a study by Real Estate Witch and Leafly.
6. Madrid, Spain
Price of Weed per Gram: $6.8
In Madrid, cannabis clubs aren’t strictly legal. Instead, they operate in a legal gray area in which ‘members’ join clubs and ‘share’ cannabis that they grow. ‘Donations’ are exchanged for tokens, which are then used to purchase products. The Spanish capital ranks 6th among the Cities with the Most Affordable Weed in the World.
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Disclosure: None. 20 Cities with the Cheapest Weed in the World is originally published on Insider Monkey.