The cannabis industry has experienced rapid growth within a short period of time. With the success the industry has recorded as regards legalization so far, economists and analysts have projected that it will grow by 45% by the end of 2018. With the legalization of medical and recreational marijuana in some major states of the U.S., legal sales have seen exponential growth, with a potential of increasing by an average of 21% through 2021. Cannabis stocks have doubled over the last couple of years, and investors are finding it hard to ignore this relatively new industry.
But as you probably know, marijuana is sold in other countries, and each country has its laws and policies that guide the cultivation and distribution of the substance. Some countries have laws that are completely different from others. This is obvious by the varying prices of cannabis products across the world. According to the 2018 Price Index survey which was carried out by Seedo on 120 cities around the globe, 10 cities with the most and least expensive marijuana in the world were revealed. Seedo used key indices such as the total consumption (in metric tons), estimated tax collection, and the price of marijuana per gram in these cities. Here is a list of 10 countries with the most and least expensive marijuana in the world:
CITIES WHERE MARIJUANA IS MOST EXPENSIVE
- Tokyo (Japan): $32.66 per gram
- Seoul (South Korea): $32.44 per gram
- Kyoto (Japan): $29.65 per gram
- Hong Kong (China): $27.48 per gram
- Bangkok (Thailand): $24.81 per gram
- Dublin (Ireland): $21.63 per gram
- Tallinn (Estonia): $20.98 per gram
- Shanghai (China): $20.82 per gram
- Beijing (China): $20.52 per gram
- Oslo (Norway): $19.14 per gram
CITIES WHERE MARIJUANA IS LEAST EXPENSIVE
- Quito (Ecuador): $1.34 per gram
- Bogota (Colombia): $2.20 per gram
- Asuncion (Paraguay): $2.22 per gram
- Jakarta (Indonesia): $3.79 per gram
- Panama City (Panama): $3.85 per gram
- Johannesburg (South Africa): $4.01 per gram
- Montevideo (Uruguay): $4.15 per gram
- Astana (Kazakhstan): $4.22 per gram
- Antwerp, (Belgium): $4.29 per gram
- New Delhi (India): $4.38 per gram
Prices of marijuana in the cities which the survey is carried out are often dependent on a number of factors. The most important index that correlates with the prices seems to be the standard of living or per capita income. Cities such as Tokyo, Seoul, and Hong Kong where marijuana prices per gram are highest are associated with an affluent lifestyle while cities like Kyoto and Bogota which contains residents with a relatively lower standard of living have the cheapest marijuana.
U.S. cities such as Seattle and Washington, D.C. were also part of the survey. A gram of cannabis is sold for $7.58 and $18.08 in Seattle and the D.C., respectfully, which exclude them from the list of cities with the highest and lowest marijuana prices.
The legality of cannabis in different countries and cities also plays a very important role in determining the prices at which the drug is being sold. Places where pot is legalized have selling prices that are relatively cheaper than places where they are highly restricted or illegal. It all functions on the simple economic forces of demand and supply.