Business
Bottoming out: Adult-use cannabis prices nosedive in Massachusetts as market hits oversaturation point
Add Massachusetts to the growing list of oversupplied recreational cannabis programs.
Similar to Colorado, Michigan, Oregon and Washington state, Massachusetts has too much cannabis on the market and demand can’t keep up with supply, causing prices across several sectors to fall by up to 50% since this time last year.
According to the Massachusetts Cannabis Control Commission, which regulates marijuana in the state, the average retail price for flower per gram averaged $7.76 in October, the most recent month with available sales data.
That’s down from $14.38 for a gram of flower the same month a year ago.
Sources in the state say that wholesale flower and cannabis oil for infused products and extracts are showing a similar sales pattern, which has happened in several other recreational marijuana markets.
The trend: Prices start high for cannabis companies in the early years, then, as production capacity ramps up, the market becomes glutted and prices plummet.
The difference between Massachusetts – which started recreational sales at the end of 2018 – and Michigan, compared to the older markets, is that the drop-off in pricing seems to be occurring more rapidly.
Companies can stand up cultivation operations quicker and operators are simply getting better at growing cannabis and making extracted products.
“In the last six months we’ve seen a dramatic reduction in both wholesale and retail pricing,” said Brandon Pollock, CEO of Theory Wellness, based in Stoneham.
“For a couple years in Massachusetts, we were undersupplied in the market. It has certainly slipped to where it appears to be there’s an oversupply.
“And that really happened during the second half of this year most dramatically.”
Big drops
For wholesale flower prices, Pollock said anecdotally, a pound is selling for $800-$1,500, which is about a 50% drop from a year ago.
Dennis Curran, chief operating officer of marijuana multistate operator Acreage Holdings, which does business in Massachusetts, said companies are getting better at cultivating, so there are more products in the market.
“There’s a lot of capacity on the market in Massachusetts,” he added.
Unfortunately, Pollock said, many cannabis companies built their business model off the prices they were getting in the early days of the market, when wholesale flower was selling for $3,000 a pound or more.
“The difficulty these folks have is it takes several years between when you have the idea to actually getting online, let alone the whole process to do your first harvest,” he added.
“In that interim period, when folks are doing their planning and construction, the market’s bottom started to fall out.”
Aside from the indoor and greenhouse cultivation facilities that have all come online recently, Massachusetts has a dozen or so outdoor marijuana farms that had a good growing season, according to Pollock, and those crops also began hitting the market in the past month.
That can affect the flower price on the shelf but, even more so, the price of cannabis oil, which is typically made from cheaper, outdoor-grown flower. A liter of cannabis oil distillate has gone from around $20,000 last year to $5,000-$7,000, Pollack said.
“That’s been the greatest drop,” he added.
Staying competitive
The saturation is causing a lot of pain for cannabis companies.
The market experienced its first store closure since recreational sales began when The Source+, located in Northampton, shuttered last week.
However, one upside is the lower prices have been a boon to consumers, and the pricing is making the licensed industry more competitive with the illicit market.
An eighth is selling for $20-$25 in some stores, down from closer to $50 last year.
“Customers have been loving it,” Pollock said.
For Ulysses Youngblood, president and co-founder of Major Bloom, a cannabis retailer in Worcester, business has been good despite the price drops in the market.
His company doesn’t grow cannabis but does manufacture products, so the lower wholesale prices help him save on input costs.
“I have to be focused on what we’re doing, how we can serve people, which has been our business model from Day One,” Youngblood said.
“Making sure that prices are economical, because we’re in a low-income neighborhood.
“We have to think about how we can get weed in people’s hands that are economically depressed.”
Jason Vegotsky, CEO of Petalfast, a sales and marketing agency for the cannabis industry, said that while the state gave out more cultivation licenses than the retail demand can support, the low prices help get consumers’ attention in the fight against the illicit market.
“Nobody knew exactly how much cannabis we should be growing,” he said.
“But it’s very clear that there is far too much cannabis in Massachusetts for the demand, which is driving down prices, putting pressure on margins and having folks race to the bottom.”
Looking ahead
Despite the economic challenges, companies are still bringing more cultivation facilities online.
That’s coupled with several other states in the region kicking off recreational marijuana sales recently or in the near future, including Connecticut, New York, Rhode Island and Vermont.
“People have been traveling to visit us whether it’s just to buy cannabis or they’re on a vacation,” Pollock said.
“And most of the dispensaries in especially western Massachusetts are going to see a noticeable impact there when New York gets into a functioning marketplace.”
In the meantime, Pollock said it might be worth the state looking at pausing new applications for cultivation, a move other states such as Colorado have also considered.
Other than that, in order to survive the economic downturn, Curran said Acreage is focused on premium products.
“With more capacity coming on, for us to win is to make sure The Botanist and the Superflux brand is high-quality and that all the shoppers and patients understand it,” he said.
Pollock also recommends cannabis businesses in the state focus on branding and quality.
“If you’re going to go for the high-quality model, really double down on everything that you need to do to create that premium product that can hold a higher price point,” he said.
Source: https://mjbizdaily.com/massachusetts-recreational-marijuana-prices-nosedive-in-oversaturated-market/
Business
Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light
Reliance Jio has crossed a significant milestone in its space connectivity ambitions after its proposal to deploy a Low Earth Orbit (LEO) satellite constellation of around 1,600 satellites received a positive technical assessment from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).
The evaluation, conducted jointly by IN-SPACe, the Indian Space Research Organisation (ISRO), and the Wireless Planning and Coordination (WPC) wing of the Department of Telecommunications, reportedly concluded that Jio’s proposed system meets the required technical standards and is comparable to leading global satellite broadband networks.
India’s Indigenous LEO Satellite Vision
Under the proposal, Reliance Jio plans to deploy between 1,600 and 1,650 satellites in Low Earth Orbit at an altitude of around 650 kilometres.
The planned constellation is expected to provide high-speed satellite connectivity across India, with approximately 32 satellites visible from any location at a given time. The company aims to roll out the network within the next two to three years, subject to regulatory approvals.
According to industry estimates, the satellite system could deliver 4.5 to 5 terabits per second (Tbps) of total data capacity, making it one of the largest satellite broadband projects proposed in India.
The project is expected to require an investment of $10–15 billion (approximately ₹95,000 crore to ₹1.42 lakh crore), reflecting the scale of infrastructure needed for satellite manufacturing, launches, ground stations, and user terminals.
Regulatory Process Moves Forward
Following the successful technical review, the proposal is expected to move into the next phase of regulatory approvals.
The government may now assist Jio in securing orbital slots, coordinating spectrum usage, and filing applications with the International Telecommunication Union (ITU), the global body responsible for managing satellite orbit and frequency allocations.
Obtaining orbital rights remains a critical step, as Low Earth Orbit has become increasingly competitive due to the growing number of satellite broadband projects being planned worldwide.
Officials also indicated that the proposed satellite architecture has been designed to coexist with future Indian LEO constellations, allowing multiple domestic operators to share orbital resources efficiently.
Broadband, Mobile Connectivity, and Strategic Applications
Jio plans to use the satellite network to provide a range of communication services, including satellite broadband, mobile backhaul, enterprise connectivity, and direct-to-device (D2D) satellite communication, particularly in remote and underserved regions where conventional telecom infrastructure is limited.
The company also intends to establish 20 to 22 ground stations across India to support network operations.
Apart from commercial telecommunications, officials have highlighted the project’s potential strategic importance. A domestically developed satellite constellation could strengthen India’s communication infrastructure, reduce dependence on foreign satellite operators, and support national security requirements.
Reports suggest preliminary discussions are underway regarding the possibility of integrating defence-related payloads into some satellites, enabling both civilian and strategic use.
Major Step for India’s Space and Telecom Sectors
Industry analysts view the technical clearance as an important milestone in India’s expanding private space ecosystem. If Jio secures the remaining regulatory approvals and international orbital clearances, the project could become the country’s first large-scale indigenous LEO satellite broadband network.
The initiative also aligns with India’s broader efforts to expand digital connectivity while strengthening its presence in the global satellite communications market.
Business
Alleged Crores Pharma Scam Mastermind Arrested from Surat
After evading law enforcement for nearly 13 years, an accused linked to a large-scale pharmaceutical fraud case has been arrested by Delhi Police from Surat, Gujarat. The suspect is alleged to have orchestrated a series of financial scams involving fake identities, forged documents, and dishonoured cheques used to procure high-value pharmaceutical raw materials.
Authorities say the accused, identified as Himmat Singh Lodha, is believed to have defrauded multiple pharmaceutical companies in Delhi of goods worth approximately ₹98 lakh before disappearing and remaining underground for years.
Fake Business Deals and Dishonoured Cheques Used in Fraud
Investigators claim the accused posed as a legitimate pharmaceutical trader and placed bulk orders for expensive drug ingredients, offering post-dated cheques as payment security.
In one documented case from 2013, he allegedly obtained around 550 kilograms of Gliclazide, a diabetes-related pharmaceutical ingredient, valued at over ₹26 lakh. When suppliers attempted to encash the cheques, they were reportedly returned with the remark “account closed.”
Following the transaction, the accused allegedly vacated his office and rented residence and disappeared without settling payments. He was later declared a proclaimed offender in 2016 after repeatedly failing to appear before court proceedings. Authorities had also issued a reward for information leading to his arrest.
Multiple Identities and Repeated Fraud Pattern
Police investigations further link the accused to another cheating case dating back to 2012, where he allegedly used a fake identity, “Kailash Jain,” to obtain a large consignment of Ambroxol HCL, a pharmaceutical compound used in cough medications. The value of that consignment was estimated at around ₹72 lakh.
Officials believe the accused followed a consistent modus operandi—posing as a credible businessman, securing high-value goods on deferred payment terms, and then disappearing after delivery while shutting down business operations.
Investigators suspect that forged business records, fake company credentials, and fabricated financial histories were used to build trust with suppliers and gain access to expensive raw materials.
Multi-State Surveillance Leads to Arrest in Surat
A special Crime Branch team tracked the accused through coordinated surveillance efforts across multiple cities, including Mumbai, Ahmedabad, and Surat. After nearly a month of technical monitoring and intelligence gathering, officials located and arrested him from a residential area in Surat.
Authorities also revealed that the accused had been involved in property-related activities while staying under the radar to avoid detection.
Growing Threat of Corporate Identity Fraud
The case highlights a rising trend of organised financial fraud targeting industries that rely heavily on trust-based transactions and deferred payments. Experts note that criminals increasingly exploit gaps in corporate verification systems by using fake GST registrations, temporary offices, and forged documentation to appear legitimate.
Cybercrime and financial fraud specialists warn that such schemes are becoming more complex with the widespread availability of digital business tools, making it easier to create convincing but fraudulent corporate identities.
Experts Urge Stronger Due Diligence in High-Value Transactions
Experts, including former IPS officer and cybercrime specialist Prof. Triveni Singh, emphasize the need for stricter verification procedures in commercial dealings. He noted that relying solely on paperwork or digital business profiles can expose companies to significant financial risk.
Authorities and industry experts recommend physical verification of business operations, bank account validation, and detailed background checks before engaging in high-value or deferred-payment transactions—particularly in sectors like pharmaceuticals, where single consignments can involve transactions worth crores.
Business
EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices
A growing coalition of European industry groups is intensifying pressure on regulators to take decisive action against Google over allegations of unfair search practices that could reshape competition rules across the region’s digital economy.
Investigation Under Digital Markets Act Gains Momentum
The case is being examined by the European Commission under the European Union’s landmark Digital Markets Act (DMA), introduced to curb the dominance of major technology platforms and ensure fair competition.
Launched in March 2024, the investigation focuses on whether Google has been prioritising its own services in search results, potentially disadvantaging rival businesses that rely on online visibility to reach customers.
Industry Groups Demand Swift Action
Several prominent European organizations have jointly urged regulators to conclude the probe without further delay. They argue that prolonged investigations allow alleged anti-competitive practices to continue, putting European companies—especially startups—at a disadvantage.
Signatories include the European Publishers Council, the European Magazine Media Association, the European Tech Alliance, and EU Travel Tech.
In a joint statement, these groups warned that delays in enforcement are affecting innovation, profitability, and growth prospects for regional businesses competing in digital markets.
Google Denies Allegations
Google has rejected claims of bias, stating that its search algorithms are designed to deliver the most relevant and useful results to users. The company has also proposed adjustments to address regulatory concerns.
However, critics argue that these changes are insufficient and fail to address the core issue of market dominance.
Potential Billion-Euro Penalties
If found in violation of the DMA, Google could face significant financial penalties. Under EU rules, fines can reach a substantial percentage of a company’s global turnover, potentially amounting to billions of euros.
Regulators may also impose corrective measures requiring changes to business practices, which could have long-term implications for how digital platforms operate in Europe.
Wider Implications for Big Tech
The case highlights ongoing tensions between European regulators and major U.S. technology firms. In recent years, the EU has taken a more aggressive stance in enforcing competition laws, aiming to create a level playing field for local businesses.
A final ruling against Google could set a major precedent, influencing future enforcement actions and shaping the regulatory landscape for global tech companies operating within Europe.
As scrutiny intensifies, the outcome of the investigation is expected to play a critical role in defining the future of digital competition across the European Union.
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