Plenty of readers have offered their own theories, but this one goes beyond explanation to offer predictions about where prices will go from here.
Spoiler alert: The direction is down.
Mitch Shenassa writes:
This is basic supply and demand: When CO was the only place in the country to get legal herb, we had a captive market. This led to over-speculation and the construction of mega-grows (indoor and greenhouse] that have increased the supply by over 150% in the past 18 months, with even larger ones currently under construction — so supply is going way up. Meanwhile, other states are legalizing, fracturing the market.
Any smart industry players are planning around $1,500 pounds by the end of 2017, $500 pounds by 2020.