For the week ended Friday, September 25, the spot price index
for a pound of cannabis dropped by $185 (9%) from $1,948 in the
prior week to $1,849. Two weeks ago the price of a pound of
cannabis reached a seasonal high of $2,133 per pound, and that is
likely to remain the high for the year.
The futures price for December 2015 rose $75 to $1,500, and the
October forward fell slightly to $1,825. For the month of November,
the forward price drops to $1,650 a pound, unchanged from the prior
week.
About two-thirds of the past week’s transactions occurred in a
range of $1,566 to $2,528 per pound, according to the analysts at
Cannabis Benchmarks. The volume-weighted average price in Colorado
fell from $2,020 on September 18 to $1,997 a pound last week.
The volume-weighted average price in California last week was
$1,580 per pound, down 12% from $1,779 in the previous week.
According to Cannabis Benchmarks, the volume-weighted average
price of cannabis in Oregon rose 12% last week, from $1,682 to
$1,889 a pound. In Washington prices rose 5%, from $1,758 a pound
to $1,848.
In the futures market, Cannabis Benchmarks noted:
Despite a strong supply surge, rapidly increasing demand is
pushing up prices in the latter months of the Forward Curve. This
week’s forward deals suggest that the fall surplus will be
exhausted faster than presumed just a few weeks ago. … Impending
legal markets — particularly recreational ones in states such as
Oregon and Alaska — are spiking interest and driving up demand. The
continually inflated presence of cannabis on the national stage,
new findings regarding its medical efficacy nearly weekly, and
concerted marketing efforts by companies to tap multiple, new
demographics that heretofore did not purchase cannabis products are
working simultaneously to strain even robust supplies.
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Our price check at MJCharts.com indicates prices range from
nearly $25 a gram to a low of $3 in the all-cities index. The
overall average price for an ounce of marijuana (all strains) in
Colorado is currently $10.99 per gram, ranging from a high of $20 a
gram to a low of $5. In California the price is $15.13 per gram,
ranging from $25 down to $3 per gram; in Michigan the average is
$15.79 per gram in a range of $22 to $7.50; in Oregon the average
is $9.94 per gram in a range of $16 to $5; and in Washington the
average is $10.28 per gram, ranging from a high of $15 to a low of
$6.
By Paul Ausick
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