Legal cannabis products come at a price–quite literally. Dispensaries need to sell products to stay in business and provide a good experience for customers.
Furthermore, a state like Illinois makes cannabis pricing more complex than other places throughout the US.
A firm grasp of cannabis pricing can help Illinois residents budget more effectively for their preferred products.
Below, we’ll examine the nuances of cannabis pricing in Illinois (and more generally).
The Basics Of Cannabis Pricing
Cannabis pricing revolves around how much it costs to purchase your preferred cannabis products, such as flower, concentrates, edibles, tinctures, pre-rolls, vapes, etc.
Supply and demand principles impact cannabis pricing (like any other product).
The more in-demand a cannabis product, the higher the price will be. If that high-demand cannabis product is in low supply, the price will increase even more.
Conversely, low-demand, high-supply cannabis products will typically cost less.
Factors That Influence Cannabis Product Costs
Below, we’ll delve into the factors influencing cannabis pricing.
Quality And Potency
As much as supply and demand will impact the pricing of cannabis products, so will quality and potency.
After all, better quality and higher potency cannabis will be in higher demand, making it more expensive.
Cannabis products with more THC are more potent and–typically–of higher quality. Therefore, they’re generally more expensive. CBD has many healing properties, and when higher CBD levels combine with increased THC percentages, it often yields a more expensive product.
Terpenes are responsible for the aromatic qualities of cannabis. They also contribute to the entourage effect–all the components of the cannabis working together to offer a more pleasant, satisfying high.
Thus, cannabis with high-quality terpenes will also typically cost more.
Product Type
On average, you’ll spend around $25 to $35 (before taxes) for 3.5g of cannabis flower.
Concentrates are more expensive. For instance, our Cresco™ Liquid Live Resin Cartridge costs $44 for 0.5g. However, it’s 73% THC, meaning you’re getting more bang for your buck. The potency is on another level compared to flower.
Edibles might offer the most bang for your buck.
Take our Elderberry 2:1 CBN + Indica Enhanced Gummies, for instance. You get 100mg for $24.00. One suggested dose is only 5mg–meaning you can enjoy 20 doses for $24. The lower pricing stems from fully harnessing the psychoactive elements from shake and other substandard cannabis. Yet, edibles still pack a supreme potency punch.
Brand And Reputation
Some cannabis brands are premium, while others are “value” or “budget” brands. The former will cost more for their higher quality, while the latter offers more quantities for less.
Also, the more trustworthy and reliable a brand, the more the cannabis will typically cost due to the high demand such products yield.
Geographic Location
Prices differ in various states due to regional pricing variations. Local regulations and taxes will also impact the affordability of legal cannabis.
Dispensary Pricing Strategies
Here’s a standard pricing model for cannabis flower (before tax):
- 1g is usually $10 to $15.
- 3.5g is between $25 and $35.
- 7g will cost from $65 to $75.
- An ounce (or 28g) will be around $200 to $300.
Concentrates (e.g., wax, dabs, and oils) can range between $38 and $55 per gram, depending on the type.
Those prices can drop based on promotions and discounts. Also, loyalty programs can cut significantly into the costs of products at dispensaries. Typically, all that’s required is your email address or cell phone number, and you gain access to incredible bargains.
Understanding Taxes And Fees
Illinois has one of the highest cannabis tax rates in the US, increasing the original sales price by up to 40% [1]. California and Michigan only have 10% cannabis tax rates, for reference.
Sales taxes differ based on potencies in Illinois [2]. The greater the potency, the more tax you’ll pay. Also, note that the state sales tax remains independent of the taxes associated with cannabis. So, you’re paying separate sales and cannabis taxes when purchasing such products.
Due to the high taxes on cannabis in Illinois, such products are 89% more expensive than the rest of the country [3].
Comparison Shopping
Want to find the best deals for legal cannabis in Illinois? The easiest way is to type “Illinois dispensaries” into the Google search field and visit multiple online shops. Compare the products based on potencies and pricing.
You can also pound the pavement and visit stores, comparing pricing in person and testing products to see if they hold up.
Click here to examine the average cost of cannabis by US state.
By comparing prices and getting a good feel for what constitutes value and bang for your buck, you won’t be wasting money on inferior cannabis products.
Budgeting For Cannabis
We suggest abiding by the 50/30/20 rule for monthly savings. In short, this means only dedicating 30% of your monthly earnings to wants and needs. As long as your cannabis spending doesn’t make you exceed that amount, you’re good to go!
One way to save on cannabis is by joining loyalty programs. Also, note that buying higher quality products means you won’t need to consume as much. So, you might spend more upfront, but it’ll last longer.
Generally, consuming cannabis in moderation will ensure you don’t overspend on it since you won’t need to keep restocking.
Legal Considerations in Illinois
Anybody 21-plus in Illinois can purchase up to 30 grams of flower, 5 grams of concentrate, and 500mg of infused cannabis in tinctures or edibles [4]. We adhere to these limits at Stash Dispensaries.
Costs tend to be high in Illinois because of the state’s dedication to legalization. The related tax proceeds go toward expunging minor cannabis offenses and administering its cannabis program [5].
Conclusion
The better and more potent the cannabis product, the more it’ll typically cost.
However, cannabis costs in Illinois are significantly higher than in most states due to the high statewide sales tax associated with it.
Keep within your budget when purchasing cannabis by researching the market and comparing prices to ensure you get the best deal. In fact, you can start your research at Stash Dispensaries–learn about our high-quality products and tap into our vast informational resources.
Sources:
- https://wgntv.com/news/illinois-recreational-marijuana/illinois-marijuana-tax-revenue-is-the-highest-in-the-country-next-to-california/#:~:text=Illinois%20taxes%20legal%20cannabis%20with,my%20dog%20high%20in%20Illinois%3F
- https://blockclubchicago.org/2020/01/14/why-is-legal-weed-so-expensive-low-supply-high-demand-and-big-tax-driving-chicagos-pricey-pot/
- https://www.headset.io/industry-reports/a-deep-dive-into-the-illinois-cannabis-market#:~:text=Prices%20in%20Illinois%20are%20among,rest%20of%20the%20US%20market.
- https://www.prevention.org/lets-talk-cannabis/the-law/#:~:text=Illinois%20residents%20age%2021%20years,products%20(including%20edibles%20or%20tinctures)
- https://abc7chicago.com/illiois-weed-dispensary-marijuana-near-me/12468400/#:~:text=The%20largest%20portion%20of%20the,than%20the%20state%20of%20Washington.
