I do notice in the legal and heavily regulated market in Washington
State that the edibles and salves/ointments have been going down
in cost.

from
https://fortune.com/2023/02/06/medmen-cannabis-store-debt-going-concern-public-listing/

Cannabis chain once worth $1.7 billion and called the ‘Apple store of
weed’ is now nearly failing as the once-hot pot industry faces a major
reckoning

BYVERNE KOPYTOFF
February 6, 2023 at 5:57 PM PST
Marijuana in see-through containers is displayed for sale
Cannabis store chain MedMen is in financial turmoil.
RICH POLK/GETTY IMAGES FOR MEDMEN ENTERPRISES

A chain of cannabis stores that was once described as the “Apple store
of weed” and valued as high as $1.7 billion as a public company, is near
financial collapse, according to a regulatory filing.

The company, MedMen, said that it has only $15.6 million in cash
remaining versus $137.4 million in debt.

“The conditions described above raise substantial doubt with respect to
the company’s ability to meet its obligations for at least one year,”
the company said in its filing last week.

MedMen is just the latest of the onetime cannabis darlings to face a
reckoning as the industry bubble of five years ago deflates due to
excessive debt, falling marijuana prices, competition from illegal
sellers, and high taxes. The reality, as in any retail business, is that
opening stores is expensive and taking on debt is risky—even as an
increasing number of states legalize pot sales.

MedMen, based near Los Angeles, operates 23 stores including in
California, New York, and Illinois. In an effort to cut costs, it sold
its stores in Florida last year, is trying to sell its New York stores,
and is also attempting to renegotiate leases for the stores that remain.

The company has already defaulted on some of its debt, the filing said,
and it needs to obtain an extension or to refinance it.

In 2018, MedMen went public on the Canada Stock Exchange through a
reverse merger amid a wave of cannabis businesses. Early on, its shares
rose to over $8, but today its stock trades for just 4 cents.

Shares in other pot-related companies have also suffered as the cannabis
business lost its luster with investors. Stock of Tilray Brands, a
cannabis producer that is among the industry’s largest companies, is
down more than 90% from its all-time high, for example, while Canopy
Growth, another major player, is down a similar amount.