The U.S. wholesale cannabis market experienced continued price compression across most product categories in 2025, reflecting market maturation and increased supply. This trend in wholesale cannabis pricing is detailed in LeafLink’s Wholesale Cannabis Pricing Guide, which analysed over 400,000 SKUs and billions of dollars in transaction data across 18 U.S. markets. The report, as published by Cannabis Industry Journal, indicates that while the overall trajectory is downward, specific product segments and regional markets present varied pricing dynamics.
Wholesale Cannabis Pricing Trends by Category
The 2025 data shows a general pattern of price declines, with some notable exceptions. Operators have increasingly prioritised value in a competitive landscape.
Cartridges and Pre-Rolls Witness Steepest Declines
- Cartridges: This category saw the most significant decline, with average prices falling approximately 12% year-over-year to a national average of $13.86 per gram. Within this segment, 510-thread cartridges, which represent the largest portion by order volume, decreased by 12% to $12.52 per gram. Disposable cartridges experienced an even sharper drop of 15% to $14.15 per gram. Together, these two formats constituted approximately 91% of total category orders.
- Pre-Rolls: Prices for pre-rolls declined by over 10% to $4.66 per gram. Infused pre-rolls, which accounted for over $484 million in gross merchandise value (GMV), fell by 16% year-over-year to $5.36 per gram. Non-infused pre-rolls, by contrast, remained relatively stable, with a minor 0.4% decrease.
Concentrates Show Nuanced Movements
The concentrates segment presented a more complex pricing picture. While value-oriented formats experienced substantial price reductions, premium products demonstrated resilience or even growth:
- Value Formats: Distillate prices fell by 20%, Cured Resin by 21%, and Live Resin by 17%. These declines reflect increased supply and competition in these segments.
- Premium Solventless Products: Live Rosin prices increased by 31%, reinforcing its position as a premium offering within the concentrate market.
Flower products also experienced moderate price decreases, aligning with the broader trend of price compression.
Edibles and Ingestibles Buck the Trend
Unlike most other categories, edibles and ingestibles largely maintained stable pricing or saw increases:
- Gummies: This dominant sub-category within edibles maintained stable pricing at $0.06 per milligram.
- Beverages: Average beverage pricing rose by 1.7% to $0.14 per unit. The report highlighted beverages as a format attracting growing attention, with Michigan leading all markets in beverage GMV at nearly $7.7 million, followed by Colorado at $6.5 million and Arizona at $6.3 million.
- Snacks: This segment recorded the largest increase, rising by 21%, though from a smaller base compared to other product types.
Market Divergence and Regional Dynamics
The LeafLink report also highlighted a growing pricing disparity between emerging and mature U.S. markets. New York was identified as the most premium-priced wholesale market, with a pricing score of 1.8 out of 18. This reflects the state’s relatively recent adult-use market rollout and a constrained legal supply environment. Conversely, Oklahoma ranked as the most value-driven market, with a score of 17.2, attributed to persistent oversupply resulting from its highly saturated licensing structure.
Other regional observations included:
- Alaska: Ranked as the second-highest-priced market, where geographic isolation and limited cross-border competition contribute to elevated wholesale prices.
- Michigan: Identified as one of the most value-driven markets nationwide. The implementation of a 24% wholesale tax in Michigan could exert further pressure on operator margins.
- California: Despite being the largest market by active buyer count, with 1,588 buyers, California’s prices were slightly below the national midpoint. This is influenced by competition from the illicit market, widespread local retail opt-outs, and high tax burdens.
Implications for Cannabis Operators
The U.S. wholesale cannabis landscape in 2025 indicates an industry that is increasingly defined by competition and operational discipline, rather than solely by early expansion. Cannabis businesses continue to navigate challenges such as margin compression, regulatory complexity, and ongoing competition from the illicit market. Understanding these nuanced trends in wholesale cannabis pricing is crucial for strategic planning and market positioning.
Disclaimer: This article is for informational purposes only and does not constitute medical advice. Hemp Gazette does not provide medical recommendations, diagnoses, or treatment plans. Always consult a qualified healthcare practitioner before making any decisions regarding your health or any medical condition. Statements concerning the therapeutic uses of hemp, cannabis, or cannabinoid-derived products have not been evaluated by Australia’s Therapeutic Goods Administration (TGA). Medicinal cannabis products in Australia are accessed via prescription pathways under TGA regulation.
