The U.S. Cannabis Spot Index increased 1.7% to $968 per pound.
In grams, the Spot price was $2.13.
The U.S. wholesale Spot Index saw a modest increase this week, gaining $16 per pound on the back of gains in legacy states. California wholesale spot price jumped $78 this week. The state is seeing increasing stability in the outdoor flower market and an uptick in greenhouse and indoor prices. Oregon saw a $6 increase in the spot price of a wholesale pound, while Colorado saw their spot wholesale per pound price slip by $6. Washington State slipped $8 per pound as that market has come under increasing pressure, with outdoor-grown product now the most inexpensive among the legacy states.
New England states tumbled $236 this week. Massachusetts wholesale spot price tanked another $124 per pound as prices in the state have come under unrelenting pressure from high utility costs to refinancing woes. Businesses predicated on higher prices are struggling in a state with strong demand where official policy seems to show up primarily in lower licensing numbers. Maine has entered its own price spiral, shedding $81 this week basis wholesale spot and more than 32% since the final week of 2022. Vermont spot price slipped $16 this week but remains in the top four priciest markets. Connecticut occupies the number one spot, though price there slipped $14 per wholesale pound. Prices in Rhode Island slammed lower in the first weeks of adult use operations in December 2022, but suppliers saw the writing on the wall after a brief “legalization rally” that began in May 2022 and abruptly ended in July 2022. Since July 2022, Rhode Island wholesale spot price has fallen 52%, but has steadied over the past several weeks. New England prices are likely to coalesce near the lower end of the range when all markets are fully up and running.
“Sand State” wholesale price volatility has fallen over the past several weeks. Nevada spot slid just $3 this week as it recovers from lows last seen in January 2020. New Mexico wholesale spot price jumped $11, replacing Nevada as the most expensive cannabis in the West. Arizona wholesale price now more accurately matches California per pound prices than it does the other Sand States after a seven-week price dive.
March 2023 Implied Forward assessed down $15 to close at $1,010 per pound.
At $1,010 per pound, the March 2023 Implied Forward represents a premium of 4.3% relative to the current U.S. Spot Price of $968 per pound.
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