For the week ended Friday, October 9, the spot price index for a pound of cannabis decreased by $67 (4%) from $1,884 in the prior week to $1,816. The simple (non-volume weighted) average price for a gram was $4.50.
The futures price for December 2015 rose $40 at $1,540, and the November forward also rose $40 at $1,690. For the month of January 2016, the forward price remained at $1,550 a pound.
About two-thirds of the past week’s transactions occurred in a range of $1,591 to $2,487 per pound, according to the analysts at Cannabis Benchmarks. The volume-weighted average price in Colorado rose 7%, from $2,016 on October 2 to $2,152 a pound last week.
The volume-weighted average price in California last week was $1,537 per pound, down 10% compared with a price of $1,716 in the previous week.
According to Cannabis Benchmarks, the volume-weighted average price of cannabis in Oregon slipped 1% last week, from $1,941 to $1,926 a pound. In Washington, prices fell 3%, from $1,740 a pound to $1,689.
Early recreational sales began on October 1 in Oregon, and there was some fear that dispensaries near the border with Washington would negatively affected by the new competition. According to Cannabis Benchmarks, the Washington shops experienced only slightly lower sales, probably due to their ability to sell edibles and other infused products. Oregon shops are not allowed to sell these items.
In the futures market, Cannabis Benchmarks noted:
[T]he ever-growing demand for cannabis continues to stretch thin even robust supplies. The dramatic increase in illicit outdoor grows on federal land in Colorado – a risky, difficult venture in a less than ideal climate for outdoor production – supports the assertion that legal producers – of which Colorado has over 1,200 licensed currently – are still struggling to produce enough supply to satisfy continually expanding local and national demand.
Our price check at MJCharts.com indicates prices range from nearly $25 a gram to a low of $1 in the all-cities index. The overall average price for a gram of marijuana (all strains) in Colorado is currently $11.00, ranging from a high of $20 a gram to a low of $5. In California, the price is $15.15 per gram, ranging from $25 down to $1 per gram for something called Cat Piss (caveat emptor). In Michigan the average is $15.14 per gram in a range of $22 to $7.50; in Oregon the average is $10.66 per gram in a range of $20 to $5; and in Washington the average is $10.31 per gram, ranging from a high of $15 to a low of $6.