Marijuana Price Down 3% to $1,543 a Pound

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For the week ended Friday, June 16, 2017, the spot price index for a pound of cannabis fell 2.9% to $1,543. According to the analysts at Cannabis Benchmarks, the simple average price for a gram fell 28 cents to $3.99.

The futures price for the near-month (July) remained unchanged at $1,525. For the month of August, the forward price was unchanged at $1,510. The six-month forward price (December) was also unchanged, at $1,465.

About two-thirds of the past week’s transactions occurred in a range of $1,162 to $2,461 per pound.

The Cannabis Benchmark analysts commented on a letter from U.S. Attorney General Jeff Sessions to congressional leadership urging them to remove the restrictions on using federal funds to interfere with state medical marijuana programs (the Rohrabacher-Farr amendment). They cite the Sessions letter:

I write to renew the DOJ’s opposition to the inclusion of language in any appropriations legislation that would prohibit the use of DOJ funds or in any way inhibit its authority to enforce the Controlled Substances Act (CSA).

If Congress follows the attorney general’s recommendations, all marijuana businesses could be targeted for federal prosecution. The analysts also note:

[The Rohrabacher-Farr amendment] has garnered bipartisan support in recent years, and this year more Congressional representatives than ever before hail from states that have legalized medical cannabis, making it unlikely that Sessions’ request will come to fruition.

Indoor flower prices ranged from $999 to $6,000 per pound, with a median price of $2,080. Greenhouse flower prices ranged from $800 to $3,350 per pound and the median price was $1,305. Outdoor flower prices ranged from $700 to $1,800 per pound; the median price was $1,000.

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 $21.00 a gram to a low of $3.00 in the all-cities index. The all-cities index price is $11.14 per gram, up three cents compared with the prior week. The overall average price for a gram of marijuana (all strains) in Arizona is currently $9.37, ranging from a high of $15.00 a gram to a low of $6.00. In California the average price is $13.81 per gram, ranging from $15.00 down to $11.00 per gram, and in Oregon the average is $11.11 per gram in a range of $21.00 to $3.00.

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