Marijuana Price Ticks Down to $1,826
For the week ended Friday, November 6, the spot price index for a pound of cannabis decreased by $12 (less than 1%) from $1,839 in the prior week to $1,826. The simple (non-volume weighted) average price for a gram increased by a penny to $4.57.
The futures price for December remained flat at $1,615. For the month of January 2016, the forward price also remained unchanged at $1,665 a pound. The six-month forward price for May 2016 is now $1,855 a pound.
About two-thirds of the past week’s transactions occurred in a range of $1,611 to $2,513 per pound, according to the analysts at Cannabis Benchmarks. The volume-weighted average price in Colorado fell less than 1%, from $1,915 on October 30 to $1,907 a pound last week.
The volume-weighted average price in California last week was $1,500 per pound, down 2% compared with a price of $1,525 in the previous week.
According to Cannabis Benchmarks, the volume-weighted average price of cannabis in Oregon fell 2% last week, from $1,984 to $1,943 a pound. In Washington prices rose 1%, from $1,530 a pound to $1,546.
The big news last week came from Ohio, where voters rejected a measure to legalize medical and recreational marijuana. Many proponents of legalization urged the defeat due to the effective monopoly the measure (a constitutional amendment) would have created for just 10 licensed grow facilities.
In the futures market, Cannabis Benchmarks noted:
[T]he volume of observed forward transactions continues to decrease during the current harvest period from levels witnessed during the summer months. Those entering into forward deals are seeking to secure supply, lock-in savings, or both. The December Forward market is anticipating that the average spot price throughout the month will be $1,615 per pound, currently the presumed seasonal bottom.
Our price check at MJCharts.com indicates prices range from nearly $25 a gram to a low of $5 in the all-cities index. The overall average price for a gram of marijuana (all strains) in Colorado is currently $11.41, ranging from a high of $12 a gram to a low of $8. In California the price is $13.77 per gram, ranging from $25 down to $6 per gram, and in Michigan the average is $17.38 per gram in a range of $20 to $10. In Oregon the average is $10.53 per gram in a range of $20 to $5, while in Washington the average is $10.73 per gram, ranging from a high of $15 to a low of $6.