The U.S. Cannabis Spot Index decreased 2.1% to $997 per pound.
In grams, the Spot price was $2.20.
The U.S. Spot Index decreased 2.1% to $997 per pound. A double-digit decline of 13.5% in the price of outdoor sungrown flower was the principal driver. The magnitude of the drop in the U.S. Spot Index was blunted by increases in the prices of indoor and greenhouse grown flower. While the increases were less significant at 1.6% and 2.5%, respectively, the impact on the U.S. Spot Index of a 1% change in the price of indoor and greenhouse flower is currently more than 2x and 3x that of an equivalent change in the price of outdoor flower. Additionally, the weight of outdoor flower contributing to this week’s U.S. Spot Index increased 4%, matching a 4% decline in the weight of indoor flower. The weight of greenhouse flower in the Index was nominally unchanged.
The Pennsylvania Cannabis Spot Index continues to climb, this week by over 4% per pound. The August average price is now 8.4% greater than the July average.
Cannabis prices in Maryland had a resurgence this week after 3 weeks of declining prices. The Maryland Cannabis Spot Index improved 5.8% over last week. This week’s spot price is $14 above the 2024 year-to-date average price per pound.
Oklahoma cannabis pricing also experienced a substantial decline this week, shedding 7.2% per pound. Low-priced greenhouse flower being traded in 3-10 pound lots have in previous weeks been the main driver in the state price declines, although this week indoor grown flower fell 13.4% per pound and had the largest impact on the state composite price. This marks a new low for the Oklahoma Indoor Cannabis Spot Index, which is now $129 below the 2024 year-to-date average price per pound.
In Montana, strong performance by warehouse and mixed light grown flower pushed the Montana Cannabis Spot Index up 7.9% per pound. This week’s rising price assessment set the August average even with the average July price.
September 2024 Implied Forward Unchanged at $1,000 per pound.
At $1,000 per pound, the September Implied Forward represents a premium of 0.3% relative to the current U.S. Spot Price of $997 per pound.
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