For cultivators who can overcome those headwinds, an attractive market awaits.
Will Perry, CEO of Oregon cultivator Magic Hour Cannabis, is working to launch production in New Jersey, teaming up with a local partner who has access to the necessary real estate.
Oregon marijuana prices have crashed, with the median wholesale price hitting $599 per pound in February.
In New Jersey, however, Perry expects premium marijuana could earn at least $4,500 per pound.
“I don’t know anywhere else where there’s such a high population,” he said, “and also factoring in people from New York, also bordering states like Pennsylvania, there’s 30-plus million (people).
“And these are all people that have more expendable income than the average person in Oregon.”