Source: Thinkstock
About two-thirds of the past week’s transactions fell in a range of $1,476 to $1,958 per pound, and about half of sales fell in the range of $1,600 to $1,900, according to the analysts at Cannabis Benchmarks. The volume-weighted average price in Colorado dropped by less than 4%, from $1,810 a week ago to $1,744 a pound last week.
In other marijuana industry news, sheriff’s departments in several California counties began an operation that was expected to last several days and lead to the seizure of as many as 100,000 marijuana plants, which could have yielded some 250,000 pounds of cannabis.
In Oregon, growers are urging state legislators to permit recreational cannabis sales beginning July 1, when marijuana becomes legal in the state. The Portland police have said they will not bother with Oregon residents who cross the Columbia River to Vancouver, Wash., to purchase recreational marijuana after the first of July. Two of the three largest dispensaries in Washington are located in Vancouver and are very likely to see a sharp drop in business once Oregon implements recreational sales. By Washington state law, cannabis purchased in the state must be consumed in the state.
Massachusetts is set to open its first medical marijuana dispensary by the end of June. The dispensary is being granted a waiver from the state’s strict testing standard and will be allowed to sell small amounts (4 grams for a 60-day supply) for qualified patients.
ALSO READ: States With the Fastest (and Slowest) Growing Economies
In the longer term, growers expect average monthly prices to peak at $1,875 a pound in August, just before harvesting of the new crop begins. Availability of water has pushed the October price to $1,600. The back end of the curve in November and December drops to $1,350 a pound.
Our price check at PriceOfWeed.com shows little change. The average price for an ounce of high-quality marijuana in Colorado is currently $241.19, up five cents from last week. In California the price of high-quality marijuana is given as $241.95 (up two cents), compared with $297.03 (up a penny) in Florida, $317.09 (down a penny) in Georgia, $326.01 (down five cents) in Texas and $231.75 (down three cents) in Washington.
The July (the prompt month) price for a pound of cannabis rose by $10 to $1,790 a pound.
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
