Skilled recreational cultivators and their bountiful harvests put downward pressure on Colorado’s recreational marijuana prices.

Calling it a predictable “supply glut,” MBD reported the price of Colorado’s chronic took a major hit this year, with prices falling between January and June. Wholesale marijuana prices have dipped by nearly one-third since the beginning of 2016.

“It is an eerily simple problem. Capital is attracted to grows. Everyone wants to be the Bud Light, the Coors, the Bob Marley, the defining brand, and there aren’t enough people in Colorado to buy up all this product in real time,” according to Cannabase’s Jennifer Beck.

Dropping roughly 30% since the beginning of the year, the average wholesale price cultivators are receiving from marijuana shops and those who pay for recreational pot has wilted significantly since January. With the average price for recreational pot declining to $1,402 per pound in June, down from $2,106 in January.

Recreational supply is high, so prices aren’t

Number of licensed recreational / medical marijuana businesses in Colorado as of July 1, 2016

Too many growers equals too much pot: According to Colorado’s Marijuana Enforcement Division, the total number of licensed recreational growers has skyrocketed by almost 20% over the past 12-months, germinating a total of 572 recreational cultivators as of June 1, up from 465 growers this time last year.