According to a report which tracked the pricing of cannabis across the United States, wholesale cannabis prices dropped significantly since the first half of 2016.

The report from Cannabis Benchmarks’ 2017 midyear wholesale market report showed cannabis prices dropped 18.6 percent nationwide in the first half of 2017 while Colorado prices dropped by 40 percent compared to the first half of 2016. The price reporting agency tracks spot prices, which are the current marketplace value which an asset can be bought or sold for immediate delivery.

For the first half months of 2017, there was only a $150 dollar difference between the low and high prices of legal cannabis compared to the $300 between both price levels during the first half of 2016.

Based on 2015 and 2016 wholesale prices, the company expects further price decline through November as the seasonal fall harvest takes place. Cannabis Benchmarks credits this price decline to cannabis businesses experiencing a boom in business, and trying to find ways to become more cost-effective in their cultivation and manufacturing.

Cannabis legislation differs from state to state which causes prices to vary wildly across borders, according to the report. The highest average national wholesale prices in 2017 for legal cannabis were in Alaska at $4,190 per pound, while Colorado prices were lowest at $1,280 per pound.