Marijuana Price Slips 1.3% to $1,612 per Pound

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For the week ended Friday, September 23, the spot price index for a pound of cannabis decreased 1.3% from $1,633 in the prior week to $1,612. According to the analysts at Cannabis Benchmarks, the simple average price for a gram dipped from $4.28 to $4.25.

The futures price for the near month (October) was unchanged at $1,525 per pound. For the month of November, the forward price remained at $1,500 a pound. The six-month forward price (March) also remained unchanged at $1,750.

About two-thirds of the past week’s transactions occurred in a range of $1,392 to $2,461 per pound.

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

[I]t remains to be seen if the steep decline in the national Spot Price that took place this summer as a result of large amounts of greenhouse product coming to market will result in a less pronounced decline due to the outdoor harvest season. However, despite the possibility of unfavorable weather conditions come November for growers in southern Oregon and northern California, … it appears that supply will be characteristically robust in the harvest season, especially in California, Colorado, and Washington. Oregon remains a wild card in terms of supply, and not only due to weather conditions. It appears that beginning next month, only a handful of testing labs will be online to approve large volumes of product for sale.

Implied forward prices are now expected to reach their six-month peak in March at $1,750 a pound. The six-month low is expected to be $1,500 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 $12.41 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 $11.40, ranging from a high of $25.00 a gram to a low of $3.50. In California the average price is $15.10 per gram, ranging from $27.19 down to $4.21 per gram, and in Michigan the average price is $13.91 per gram in a range of $25.00 to $5.00. In Oregon the average is $11.31 per gram in a range of $20.00 to $4.00, while in Washington the average is $10.60 per gram, ranging from a high of $21.00 to a low of $4.00.