In this article, we are going to discuss the 5 cheapest legal weed states to live in. If you want to check out our detailed analysis of the cannabis industry in the U.S., the fastest growing category in the cannabis industry, and the effect of legalization on the prices of marijuana, head to 15 Cheapest Legal Weed States to Live in.
5. Michigan
Average Price of Weed per Ounce: $289.1
Cost of Living Index: 92.7
Insider Monkey Score: 6
According to a 2022 cannabis industry job report, Michigan ranks 3rd in the country by the number of people employed in its cannabis industry. However, as the industry continues to boom, some companies are beginning to fall behind.
Skymint – one of the biggest producers in Michigan – entered into receivership in March after defaulting on a $127 million loan. This is the fifth cannabis company in the Great Lake State to recently enter into receivership.
4. Montana
Average Price of Weed per Ounce: $266.1
Cost of Living Index: 103.7
Insider Monkey Score: 6
Montana marijuana retailers sold $202.9 million worth of recreational cannabis in 2022, the first year of the state’s adult-use program. Including medical marijuana sales, the state witnessed around $303.6 million in cannabis sales last year.
Recreational cannabis sales in Montana slowly gained more market share than medical cannabis, with adult-use accounting for 77% of total sales in December, compared with 58% in January 2022.
3. New Mexico
Average Price of Weed per Ounce: $283.3
Cost of Living Index: 94.2
Insider Monkey Score: 5.5
The first recreational dispensaries began licensed sales of cannabis in the Land of Enchantment on April 1st 2022. 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. In one year, the state has issued 2,000 cannabis licenses across New Mexico, including 633 cannabis retailers, 351 producers, 451 micro producers and 507 manufacturers.
2. Nevada
Average Price of Weed per Ounce: $270.9
Cost of Living Index: 101.3
Insider Monkey Score: 5.5
While recreational marijuana has been legalized in Nevada, it is only legal if you are 21+ and smoking in a private residence. No hotel allows guests to smoke weed within its premises and that has pushed consumption onto the Strip, into parking lots, and really pretty much everywhere outside around the city.
As a solution, marijuana consumption lounges were approved in September 2022 in Las Vegas and Clark County. The lounges will be a lot like bars – which can’t sell alcohol – where residents and tourists can legally smoke cannabis products.
1. Colorado
Average Price of Weed per Ounce: $241.5
Cost of Living Index: 105.5
Insider Monkey Score: 5.5
Famous for its craft beer scene, The Centennial State is also home to Ceria Brewing Co., which became a pioneer of marijuana infused beverages when it debuted its first THC beer in 2018.
As marijuana sales cool across the state, Denver reported a 22% decline in weed sales from 2021 to 2022 – the largest annual drop since legalization. With weed sales plummeting, career opportunities in the industry are growing scarce. Colorado ranked as the No. 2 state for cannabis job losses in the last year, with more than 10,000 eliminated.
Colorado is the Cheapest Legal Weed State to Live in.
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