Washington offers a cautionary tale for would-be pot producers. The state’s marijuana market, for which detailed information is available to the public, has faced consistent declines in prices, production consolidated in larger farms and a competitive marketplace that has forced cannabis processors to shell out for sophisticated technology to create brand new ways to get high.

“A lot of people (in Washington) are surprised, and a lot of people are in denial about the price dropping,” said Steven Davenport, a researcher with the RAND Corporation. “The average price per gram in Washington is about $8, and it’s not clear where the floor is going to be.”