Cannabis prices have dramatically dropped in Washington since social cannabis was legalized in 2014.

Steven Davenport of Pardee Rand Graduate School tracked retail prices in Washington and saw they had dropped by the quarter since the market became regulated.

According to his findings, social cannabis prices in the state had already fallen 58.5 percent, but the price kept dropping. The current retail price of $7.38 per gram (including tax) represents a 67 percent decrease in three years of legalization, with future decline still possible.

Although prices are continuing to drop, Davenport expects the industry to turn a profit and appeal to consumers who prefer higher-priced specialty brands.

Davenport also aggregated data for the Washington’s Liquor and Cannabis Board in May, where he saw cannabis prices falling at 2 percent per month with an estimated 25 percent drop each year going forward.