While inflation has already ruined many people's plans for a summer trip cross-country, the impact of rising prices may soon hit some people where it'll really hurt.
Cannabis, and many of its related products, have so far largely escaped the kind of double-digit increases seen in many food products such as chicken to avocados. One analytics firm even reported that the price of cannabis flowers, edibles, and vaping products fell by a respective 16.7%, 11.8%, and 12.4% between January 2021 and 2022.
But for interconnected reasons having to do with everything from lack of available materials to supply chain disruption, prices for most things have been rising steadily and at a rate unseen in 40 years. Even if the main item hasn't increased in price, rising costs for packaging material have left almost no industry unaffected. Between June 2021 and 2022, the consumer price index rose by 9.1%.
And, as the latest report from the cannabis industry and accounting firm GreenGrowth CPAs shows, inflation may have finally started coming for the cannabis industry. Amid the rising cost of labor and materials necessary to make ready-to-consume cannabis, one in every four retailers that produce it reported that they have either raised or plan to raise prices by more than 10% in the next year.
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