Marijuana Price Ticks Up to $1,689

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For the week ended Friday, August 26, the spot price index for a pound of cannabis increased 0.2% from $1,685 in the prior week to $1,689. According to the analysts at Cannabis Benchmarks, the simple average price for a gram also rose, from $4.24 to $4.28.

The futures price for the near month (September) remained unchanged at $1,625 per pound. For the month of October, the forward price also remained unchanged at $1,550 a pound. The six-month forward price (February) remained at $1,750.

About two-thirds of the past week’s transactions occurred in a range of $1,453 to $2,430 per pound.

Looking at conditions in the futures market, the analysts had this say:

With the U.S. Spot Index experiencing relative stability for six consecutive weeks after a volatile start to July, and with improving clarity regarding the forthcoming supply surge, weather conditions remain the principal uncertainty in the months ahead. … While weather forecasts for October and November may change between now and then, at least some of the recent stability in the forward market may be attributed to the lack of severe natural disasters and weather conditions relative to this time last year.

Implied forward prices are now expected to reach their six-month peak in February at $1,750 a pound. 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 $12.37 per gram, up three cents compared with the prior week. The overall average price for a gram of marijuana (all strains) in Colorado is currently $11.44, ranging from a high of $25 a gram to a low of $3.50. In California the price is $15.13 per gram, ranging from $27.19 down to $5 per gram, while in Michigan the average price is $14.04 per gram in a range of $25 to $5. In Oregon the average is $11.08 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.