For the week ended Friday, July 22, the spot price index for a pound of cannabis increased 0.3% from $1,700 in the prior week to $1,705. According to the analysts at Cannabis Benchmarks, the simple average price for a gram fell from $4.57 to $4.36.

The futures price for the near month (August) fell $190 to $1,700 per pound. For the month of September, the forward price fell from $1,870 to $1,600 a pound. The six-month forward price (January) remained unchanged at $1,775.

About two-thirds of the past week’s transactions occurred in a range of $1,469 to $2,487 per pound. Looking at forward pricing trends the analysts had this to say:

The frequency of large lot sizes of 100 pounds or more are increasing, and prices are decreasing. This is typically expected in the September time frame as the fall harvest for outdoor grown flower commences. Across multiple markets, buyers and sellers are experiencing lower prices on an influx of supplies that are arriving to market earlier than in the past. Many market participants are acknowledging a shift in supply fundamentals, driven in part by more growers, and in part by advanced cultivation techniques – such as light deprivation – that allow a greater number of high-yielding, high-quality harvests per year. If the weather conditions that support a robust harvest this fall persist, and if grows remain relatively unaffected by wildfires, pests, and raids, then prices are likely to continue to decline into November, and perhaps December.

Implied forward prices are expected to reach their six-month peak in January at $1,775 a pound (down $50 from the prior estimate). The six-month low is expected to be $1,525 in November.

Our price check at MJCharts indicates prices range from $27.19 a gram to a low of $3.50 in the all-cities index. The all-cities index price is $12.49 per gram, up 25 cents compared with the prior week. The overall average price for a gram of marijuana (all strains) in Colorado is currently $11.80 ranging from a high of $25 a gram to a low of $3.50. In California the price is $15.31 per gram, ranging from $27.19 down to $5 per gram, while in Michigan the average price is $14.10 per gram in a range of $25 to $5. In Oregon the average is $10.85 per gram in a range of $20 to $4, and in Washington the average is $10.60 per gram, ranging from a high of $21 to a low of $4.

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