NEW YORK — LeafLink released its annual Wholesale Cannabis Pricing Guide, providing market data from 18 U.S. cannabis markets across five product categories: Flower, Cartridges, Concentrates, Edibles & Ingestibles, and Pre-Rolls. The Guide analyzes sales performance, pricing trends, and year-over-year market shifts, offering both national and market-level insights for operators navigating an increasingly mature and competitive industry.
This year’s report also includes a deeper look at subcategory trends and wholesale purchasing behavior, helping businesses better plan inventory, pricing, and production strategies in a rapidly evolving market.
For this year’s Guide, LeafLink analyzed billions of dollars in wholesale transactions across more than 400,000 SKUs in 2025, spanning Alaska, Arizona, Arkansas, California, Colorado, Maryland, Massachusetts, Michigan, Missouri, Mississippi, New Mexico, New York, Nevada, Ohio, Oklahoma, Oregon, Puerto Rico, and Washington.
The data underscores a continued shift toward market maturity. Wholesale cannabis pricing declined across most major categories in 2025, reflecting increased supply, broader brand participation, and more competitive purchasing behavior. Cartridges saw the steepest drop (-12.0%), followed by Pre-Rolls (-10.3%), Concentrates (-7.5%), and Flower (-5.4%). Edibles & Ingestibles remained comparatively stable, increasing just 1.7% year-over-year, effectively flat pricing.
Key findings from the report
- Pricing compression continues: Wholesale prices declined across most major product categories, driven by increased supply, competitive intensity, and more price-sensitive purchasing behavior.
- Edibles show relative stability: Edibles & Ingestibles were the only category to remain effectively flat year-over-year, suggesting more consistent demand dynamics compared to inhalable products.
- Flower remains the market anchor: Flower continues to drive the largest share of wholesale activity nationally, maintaining its central role despite gradual price compression.
- Clear divide between premium and value markets: States like New York and Alaska continue to command higher wholesale pricing, while mature markets such as Oklahoma, Michigan, and Oregon remain highly price competitive.
- Competition intensifies across categories: Increased brand participation and SKU proliferation are contributing to tighter pricing bands and greater segmentation between premium and value product tiers.
- Beverages gain traction: While still a smaller segment, cannabis beverages continue to grow in visibility, with relatively consistent pricing and increasing participation from brands and retailers.
- Challenges persist, but the industry is maturing: Despite ongoing headwinds including regulatory complexity, margin pressure, and illicit market competition, the cannabis industry is entering a more disciplined phase defined by operational efficiency and data-driven decision-making.
