Marijuana Price Dips Nearly 1% to $1,622 a Pound
The wholesale price of a pound of marijuana dipped last week to $1,622. The wholesale price for a gram of cannabis also dipped slightly to $4.03 and the retail price inched up two pennies to $11.14 per gram.
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For the week ended Friday, July 7, 2017, the spot price index for a pound of cannabis slipped 0.8% to $1,622. According to the analysts at Cannabis Benchmarks, the simple average price for a gram fell from $4.10 to $4.03.
The futures price for the near month (August) remained unchanged at $1,510. For the month of September, the forward price also was unchanged at $1,500. The six-month forward price (January) was initiated at $1,520.
About two-thirds of the past week’s transactions occurred in a range of $1,038 to $2,618 per pound.
The Cannabis Benchmark analysts commented on the first weekend of recreational cannabis sales in Nevada:
A report from the Las Vegas Review-Journal told of relatively high retail prices of $80 per quarter ounce (7 grams), as well as up to $400 per ounce of high quality product. For comparison, Colorado retailers frequently sell ounces for $100, though high quality flower can garner at least twice that amount.
The Las Vegas Sun cited an estimate from the Nevada Dispensary Association that the first four days of adult-use sales in the state generated $3 million in revenue. Our analysis this week shows that wholesale rates in the state jumped by over 15% to settle at $2,635 per pound, with some lots moving for as much as $3,500 per pound.
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Indoor flower prices ranged from $900 to $6,100 per pound, and the median price was $2,000. Greenhouse flower prices ranged from $1,000 to $2,400 per pound, with a median price of $1,300. Outdoor flower prices ranged from $950 to $1,650 per pound; the median price was $1,250.
For a wide-angle look at the cannabis industry, see our report on the largest companies in the marijuana business.
Our price check at MJCharts indicates prices range from $20.00 a gram to a low of $3.00 in the all-cities index. The all-cities index price is $11.14 per gram, up two cents compared with the prior week. The overall average price for a gram of marijuana (all strains) in Arizona is currently $8.74, ranging from a high of $15.00 a gram to a low of $6.00. In California the average price is $13.66 per gram, ranging from $17.00 down to $11.00 per gram. In Oregon, the average is $11.12 per gram in a range of $20.00 to $3.00.
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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.
