Consumer Products

Marijuana Price Rises 5% to $2,045

Marijuana Plants
Source: Thinkstock
For the week ended Friday, August 28, the spot price index for a pound of cannabis jumped more than $70 from $1,924 in the prior week to $2,045. The futures price for December 2015 remained unchanged at $1,385, but the September forward rose 4% to $1,925. For the months of October through December, forward prices decline steadily.

About two-thirds of the past week’s transactions occurred in a range of $1,612 to $2,462 per pound, and transaction prices ranged from an average low of $1,100 in Washington state to a high of $3,400 in Midwestern black markets, according to the analysts at Cannabis Benchmarks. The volume-weighted average price in Colorado jumped by 17% from $1,784 on August 14 to $2,085 a pound last week.

The volume-weighted average price in California last week was $1,782 per pound, down about 2% from $1,819 in the previous week.

Marijuana prices are very high now in Colorado as the summer growing season ends and growers prepare to harvest this year’s crop. Supplies are getting low and will remain so until the crop is in. There have been reports that Colorado growers have been hit pretty hard by pest infestations this year.

Las Vegas, Nev., opened its first medical marijuana dispensary this past week. Half an ounce of cannabis flower reportedly sold for more than $200 as supplies are scarce. A similar quantity costs about $50 in medical dispensaries in California and Colorado.

ALSO READ: The Next 11 States to Legalize Marijuana

Our price check at shows only moderate price changes over the past week. The average price for an ounce of high-quality marijuana in Colorado is currently $241.18, unchanged from August 22. In California, the price of high-quality marijuana is listed at $242.39 (up 12 cents), compared with $297.23 (up 10 cents) in Florida, $317.67 (up 11 cents) in Georgia, $326.09 (up two cents) in Texas and $232.01 (down five cents) in Washington.

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