Not surprised prices are dropping, only surprised that people believed the prices would stay fixed. The vast majority of people do not need or desire expensive "boutique weed". Trader Joe's didn't kill it selling $400 bottles of wine.
I went from paying $350/oz to $35/oz after Oregon legalized it. I expect prices have not quite hit bottom, so it’s no surprise that traditional growers cannot make the numbers work anymore. This will be yet another crop where consolidation leads to Big Ag operations dominating the market.
I know a grower in Upstate NY who produces an excellent product but thinks the industry will have the same problems here.