For the week ended Friday, February 24, 2017, the spot price index for a pound of cannabis decreased by 1.9% from $1,649 in the prior week to $1,618. According to the analysts at Cannabis Benchmarks, the simple average price for a gram decreased from $4.16 to $3.93.
The futures price for the near month (March) remained unchanged at $1,650. For the month of April, the forward price remained unchanged at $1,700. The six-month forward price (August) was also unchanged at $1,575 a pound.
About two-thirds of the past week’s transactions occurred in a range of $1,128 to $2,438 per pound.
This week the analysts commented on White House press secretary’s comments on federal enforcement of marijuana-control laws. Here’s our take, and this is what Cannabis Benchmarks had to say:
Spicer’s statement is indeed ominous to those involved in state-legal adult-use cannabis markets. However, White House staff in key positions have been forced to retract and walk back on statements in recent weeks, most notably when Kellyanne Conway stated that former National Security Advisor Michael Flynn had the full confidence of the president just a few hours before Flynn resigned over his improper communications with Russia. As such, it is possible that subsequent clarifications or modifications to Spicer’s statement will emerge, although they do appear to jive with the anti-cannabis views of Attorney General Jeff Sessions. In the meantime, most cannabis businesses will continue to operate as usual while waiting to see whether or not tangible enforcement materializes.
We also took a look at how much potential tax revenue will be lost if the federal government tightens enforcement of cannabis possession and use.
Indoor flower prices ranged from $899 to $5,200 per pound, while the median price was $1,700. Greenhouse flower prices ranged from $1,100 to $3,200 per pound, with a median price of $1,600. Outdoor flower prices ranged from $700 to $2,000 per pound; the median price was $1,500.
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 $25.00 a gram to a low of $4.00 in the all-cities index. The all-cities index price is $11.20 per gram, up nine cents compared with the prior week. The overall average price for a gram of marijuana (all strains) in Colorado is currently $12.01, ranging from a high of $15.00 a gram to a low of $8.00. In California the average price is $13.96 per gram, ranging from $17.00 down to $11.00 per gram, and in Michigan the average price is $14.55 per gram in a range of $20.00 to $10.00. In Oregon the average is $11.15 per gram in a range of $25.00 to $4.00. Data for Washington state were not available again this week.