Pot dispensaries are selling marijuana at reduced prices as the Oregon sits on a million-pound glut of unsold weed.

Lily Raff McCaulou, The Guardian:

Flooded with supply, prices are dropping so much that some dispensaries in the Portland area are selling the drug for $4 a gram. That’s less than half the cost of a bargain-basement batch in other US cities where marijuana is legal, like Denver and Seattle.

When the Oregon Liquor Control Commission (OLCC), the agency in charge of cannabis regulation, issued the first licenses to businesses in 2016, projections were for 800 to 1,200 businesses to obtain cannabis licenses in the first couple of years, according to Mark Pettinger, a spokesman for the OLCC.

But 1,824 marijuana-related business licenses have already been issued, including 981 production operations. Another 967 production licenses are in various stages of approval by the state and could come online later this year.