For the week ended Friday, July 31st, the spot price index for a pound of cannabis rose from $1,736 in the prior week to $1,791, a jump of slightly more than 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 $1,550 to $2,032 per pound and transaction prices ranged from a low of $1,500 in California and Oregon to a high of $2,500 in Michigan and Alaska according to the analysts at Cannabis Benchmarks. The volume-weighted average price in Colorado rose by about 6% from $1,667 on July 24th to $1,770 a pound last week.
In other marijuana industry news, Oregon governor Kate Brown signed legislation that allows early sale of recreational cannabis through the state’s existing medical marijuana dispensaries beginning October 1, 2015. Oregon faces a glut of dispensaries and the legislation was intended partially to serve as a lifeline to the saturated market.
In the state of Washington, officials approved post-traumatic stress disorder (PTSD) as a qualifying condition for medical cannabis. The state of Colorado’s Board of Health voted in mid-July not to recognise PTSD as a qualifying condition for medical cannabis.
In Vermont, patients using the state’s medical marijuana dispensary system have increased by a factor of six since 2013. Just 14% of registered patients now receive their cannabis from non-state licensed dispensaries compared with some 73% in 2013.
Our price check at PriceOfWeed.com shows only moderate changes. The average price for an ounce of high-quality marijuana in Colorado is currently $241.29, down 6 cents from a week ago. In California the price of high-quality marijuana is listed at $242.07 (up 7 cents), compared with $297.10 (unchanged) in Florida, $317.33 (up 5 cents) in Georgia, $326.19 (up 9 cents) in Texas, and $231.87 (up 5 cents) in Washington.
The August (the prompt month) price for a pound of cannabis remained unchanged for the second consecutive week at $1,850.