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Marijuana Price Rises 3% to $1,736

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By Paul Ausick Updated Published
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Marijuana Plants

Thinkstock
For the week ended Friday, July 24th, the spot price index for a pound of cannabis rose from $1,686 in the prior week to $1,736, a jump of 3%. The futures price for December 2015 remained unchanged at $1,350.

About two-thirds of the past week’s transactions fell in a range of $1,427 to $2,045 per pound and transaction prices ranged from a low of $1,400 in California and Colorado to a high of $2,700 in Michigan according to the analysts at Cannabis Benchmarks. The volume-weighted average price in Colorado dropped by about 3% from $1,714 on July 18th to $1,663 a pound last week.

In other marijuana industry news, the Colorado Board of Health voted last week not to recognise post-traumatic stress disorder (PTSD) as a qualifying condition for medical cannabis. To some observers, the big pharmaceutical houses may have had their thumbs on the scale.

In California Yurok tribal police, along with state and federal officials eradicated some 30,000 plants from about 20 grow sites last week. The Yurok had asked for assistance to combat illegal growing on tribal land. The tribe claimed that millions of gallons of water are being diverted from its water system to support marijuana plants.

Our price check at PriceOfWeed.com shows only moderate changes. The average price for an ounce of high-quality marijuana in Colorado is currently $241.35, down a penny from a week ago. In California the price of high-quality marijuana is listed at $242.05 (up 4 cents), compared with $297.10 (down 2 cents) in Florida, $317.28 (up 14 cents) in Georgia, $326.10 (up 3 cents) in Texas, and $231.82 (up 8 cents) in Washington.

The August (the prompt month) price for a pound of cannabis remained unchanged at $1,850.

ALSO READ: States Drinking the Most Beer

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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