The U.S. Cannabis Spot Index increased 0.8% to $1,019 per pound.
In grams, the Spot price was $2.25.
Similar to last week, the U.S. Spot Index experienced little change, increasing 0.8%. Top-line stability hides movement among the underlying components. The price of outdoor sun grown flower rebounded 16.1% following last week’s decline of 7.4%. The increase in outdoor flower prices was offset by a nearly 2% decrease in higher priced indoor flower. Indoor flower is currently trading at 3x that of outdoor flower. Additionally, the proportion of outdoor flower contributing to the U.S. Spot Index decreased 2%, while the contribution from indoor flower increased 1%.
The Illinois Cannabis Spot Index has been slowly rising over the past 7 weeks. Since the first week in June, the state composite price assessment has climbed 13.8% per pound. This week’s 2.9% increase boosted the state price assessment to $27 above the 2024 average and on par with the state index the same time last year.
Prices for both indoor and greenhouse grown flower in Nevada continue to rise. Since July 12th, when Las Vegas experienced its tenth straight day of 110+ degree weather, the Nevada Indoor Cannabis Spot Index has risen 20%. Closing out the first full week of August, the state composite price assessment average is 12.3% above the July average.
Greenhouse grown flower in Michigan continues to outpace indoor grown product in terms of the volume weighted price per pound. This week saw all grow types in Michigan experience price degradation, with the Michigan Greenhouse Cannabis Spot Index losing 7.6%. Despite the loss, the Michigan Indoor Cannabis Spot Index was unable to gain ground, as a 3.9% decline positioned the indoor versus greenhouse spread in favor of greenhouse.
September 2024 Implied Forward Unchanged at $1,000 per pound.
At $1,000 per pound, the September Implied Forward represents a discount of 1.9% relative to the current U.S. Spot Price of $1,019 per pound.
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