The U.S. Cannabis Spot Index increased by 0.3% to $955 per pound.
In grams, the Spot price was $2.11.
Driven by a significant decrease in indoor grown flower pricing, the California Cannabis Spot Index declined by 4.0% per pound this week, while the California Indoor Cannabis Spot Index lost 12.4% per pound this week. This marks the lowest indoor flower valuation for California in our nearly 10 years of reporting. Bulk indoor grown flower prices had a larger simple average decline than volume weighted average decline, due to more transactions of smaller volumes occurring at lower prices while larger volume transaction prices held steady.
The Oregon Cannabis Spot Index continued its decline this week, losing 3.8% per pound. After reaching an all-time low during the week ending January 10th of this year, this week’s state price assessment marks the 2nd lowest on record. Indoor grown flower followed up last week’s 16.2% decline with another week of downward movement, losing 8.8% per pound this week. The last time the Oregon Indoor Cannabis Spot Index dropped to this price range was in June 2022.
Large declines in the volume weighted average price of sungrown cannabis grown outdoors and in greenhouses occurred in Vermont this week. The Vermont Greenhouse Cannabis Spot Index fell 17.0% per pound, driven exclusively by bulk flower transactions priced in the lower quartile. Outdoor flower had a substantial, yet slightly less impactful, decline of 10.3% per pound, reaching an all-time low price. This milestone is not entirely surprising, as the 2025 outdoor flower average price is down over 25% compared to the previous year’s average price and the shelf life (i.e. quality) of outdoor flower continues to diminish.
March 2025 Implied Forward unchanged at $955 per pound.
At $955 per pound, the March Implied Forward is at parity with the current U.S. Spot Price. For context, the U.S. Spot Price averaged $1,025 per pound and $1,017 per pound in March and April 2024, respectively.
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