For the week ended Friday, November 20, the spot price index for a pound of cannabis decreased by $26 (about 1%) from $1,755 in the prior week to $1,729. The simple (non-volume-weighted) average price for a gram remained unchanged at $4.70.
The futures price for December remained flat at $1,615. For the month of January 2016, the forward price also remained unchanged at $1,665 a pound. The six-month forward price for May 2016 is $2,030 a pound, unchanged from the prior week.
About two-thirds of the past week’s transactions occurred in a range of $1,655 to $2,605 per pound, according to the analysts at Cannabis Benchmarks. The volume-weighted average price in Colorado fell about 1%, from $1,933 on November 13 to $1,907 a pound last week.
The volume-weighted average price in California last week was $1,447 per pound, unchanged from the previous week. The Colorado-California price gap contracted to $460 per pound, or $1.01 per gram.
According to Cannabis Benchmarks, the volume-weighted average price of cannabis in Oregon fell 6% last week, from $1,821 to $1,710 a pound. In Washington prices dropped 4%, from $1,760 a pound to $1,684.
Colorado Governor John Hickenlooper issued an executive order last week that permits state authorities to declare cannabis tainted by illegal pesticides as a public health risk. That means that state inspectors can test suspected plants and products and destroy them if the contamination is confirmed.
In the futures market, Cannabis Benchmarks noted:
Virtually all observed forward deals anticipate a steady climb in prices between December and May, with some observations suggesting a smooth upward slope, but most anticipating a steeper trajectory. December remains the presumed seasonal low at $1,615 per pound, or almost 7% lower than the current Spot price of $1,729 per pound. Approximately half of the observed May Forward deals ranged from 5% to 15% higher than the April Forward, while the other half were flat. The May Forward, currently priced at $2,030 per pound, is $301 higher than the Spot Price.
Our price check at MJCharts.com indicates prices range from $25 a gram to a low of $3 in the all-cities index. The overall average price for a gram of marijuana (all strains) in Colorado is currently $11.22, ranging from a high of $12 a gram to a low of $8. In California the price is $13.68 per gram, ranging from $25 down to $6 per gram; in Michigan the average is $17.27 per gram in a range of $20 to $10; in Oregon the average is $10.27 per gram in a range of $20 to $3; and in Washington the average is $10.70 per gram, ranging from a high of $15 to a low of $6.