For the week ended Friday, October 28, the spot price index for a pound of cannabis decreased 2.5% from $1,466 in the prior week to $1,430. According to the analysts at Cannabis Benchmarks, the simple average price for a gram dropped from $3.89 to $3.75.

The futures price for the near month (November) fell $25 to $1,425. For the month of December, the forward price fell $25 to $1,575 a pound. The six-month forward price (April) dropped by $65 to $1,750 a pound.

About two-thirds of the past week’s transactions occurred in a range of $1,228 to $2,173 per pound.

This week the analysts commented on forward pricing:

With no significant weather or fire issues impacting this year’s outdoor crop, nor widespread raids, infestations or quarantines, mature flower has been harvested in abundance in western markets, helping to drive the Forward Curve down across the six-month duration. …

The gap between medical and recreational prices held largely steady this week, closing slightly to $124, compared to the $127 difference observed the week prior.

Rates in medical markets such as Michigan, Maine, Nevada, and, most importantly, California, all fell, pushing the volume-weighted average for medical product down slightly to below $1,500 per pound. Despite marginal increases in pricing in Oregon and Washington, a decline in pricing in Colorado’s adult-use market helped nudge rates for recreational product downward by the same proportion as medical.

Implied forward prices are expected to reach their six-month peak in April at $1,750 a pound. The six-month low is expected to be $1,425 in November.

Our price check at MJCharts indicates prices range from $27.19 a gram to a low of $3.36 in the all-cities index. The all-cities index price is $12.49 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 $11.41, ranging from a high of $25.00 a gram to a low of $3.50. In California the average price is $14.98 per gram, ranging from $27.19 down to $3.36 per gram, while in Michigan the average price is $14.01 per gram in a range of $25.00 to $5.00. In Oregon the average is $11.39 per gram in a range of $20.00 to $4.00, and in Washington the average is $10.60 per gram, ranging from a high of $21.00 to a low of $4.00.

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