Cannabis regulators in Canada’s Northwest Territories (NWT) reduced prices of legal marijuana products by 10% in an effort to eliminate illicit marijuana sales.
The price cuts, which took effect July 2, apply to all cannabis products sold by the Northwest Territories Liquor and Cannabis Commission (NTLCC), the NWT government said.
“With close to two years of legal sales, NTLCC has a better understanding of the operating costs associated with the distribution and sale of cannabis and is confident that it can reduce the price of these products while continuing to maintain a safe and secure retail regime,” the agency noted.
NTLCC sells regulated cannabis out of five liquor stores across the vast northern territory, which is home to roughly 45,000 people. It also operates an online cannabis store.
“We will continue to assess the operations of the Northwest Territories Liquor and Cannabis Commission to find more ways to curb the illegal sale of cannabis in the Northwest Territories in a socially responsible manner,” NWT Finance Minister Caroline Wawzonek said in a statement.
The price of legal cannabis has come under scrutiny since the country legalized adult-use marijuana in October 2018.
In the past year, a number of Canada’s licensed cannabis producers have introduced discount brands in an attempt to capture consumer demand for more affordable products.
Some government-operated cannabis retailers have joined in on the price-cutting trend.
For example, New Brunswick’s Cannabis NB retailer recently renegotiated prices with suppliers to provide savings for customers.
Written by Solomon Israel.
View the original article at here.
Marijuana Business Daily