For the week ended Friday, August 14, the spot price index for a pound of cannabis remained essentially unchanged, moving just $4 a pound from $1,705 in the prior week to $1,709. The futures price for December 2015 rose about 1.1% to $1,385.
Source: Thinkstock
About two-thirds of the past week’s transactions occurred in a range of $1,493 to $2,127 per pound and transaction prices ranged from an average low of $1,400 to a high of $2,800, according to the analysts at Cannabis Benchmarks. The volume-weighted average price in Colorado dropped by about 2% from $1,649 on August 7 to $1,616 a pound last week.
One item we should have noted last week was the initial public offering (IPO) of Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE), a specialty pharmaceutical company focused on developing and commercializing proprietary next-generation synthetic cannabinoid therapeutics formulated for transdermal delivery. The company priced its August 5 IPO at $14 a share and shares closed at $34.84 on Friday. The stock’s post IPO high is $43.00 and the low is $15.50.
In Colorado, another company has pulled out of the cannabis bonding business after being threatened with racketeering lawsuits from a group called the Safe Streets Alliance. Colorado requires surety bonds for licensed cannabis businesses, and the limited number of bonding companies — maybe only one is left — makes the bonds expensive and difficult to get.
The state of Oregon, which is one of four that currently allow sales of recreational marijuana, allows local city and county governments to ban marijuana businesses if the governments choose to do so, and at least 60% of voters in the counties rejected the original vote of Measure 91, which made recreational pot sales legal in the state. To date, four counties and eight cities have instituted a ban.
ALSO READ: The Next 11 States to Legalize Marijuana
Our price check at PriceOfWeed.com shows only moderate changes since the beginning of August. The average price for an ounce of high-quality marijuana in Colorado is currently $241.24, down 11 cents from August 1. In California the price of high-quality marijuana is listed at $242.25 (up 25 cents), compared with $297.06 (down four cents) in Florida, $317.50 (up 17 cents) in Georgia, $326.19 (flat) in Texas and $231.03 (up 84 cents) in Washington.
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