Quantum 9 CEO Michael Mayes appeared on WGN as the state of Illinois opened its application window for patient licenses for those with last names beginning with A through L. Mayes was interviewed on pricing, testing, and the future medical marijuana business market.
On pricing, Mayes notes that while the black market rates are set on the basis of need. Illinois medical marijuana rates will be based on supply. Higher supplies historically mean lower gram prices. The state will not be regulating the price of medical marijuana. Therefore, prices could potentially be as high as $400 an ounce, but many factors could affect the price.
Lower prices on the black market could tempt patients to acquire the medicine illegally. But as Mayes points out. They won’t know exactly what they are receiving the same way as if they purchased it from a dispensary.
“In Illinois, the dispensaries have to have a homogenized sample tested by a third party laboratory to tell you exactly what’s in the cannabis itself so they’re told exactly what the cannabinoid and terpenoid profiles are that the dispensary can then target the actual strain to a particular ailment,” said Mayes.