The U.S. Cannabis Spot Index increased by 0.2% to $957 per pound.
In grams, the Spot price was $2.11.
After the indoor-greenhouse spread in Massachusetts narrowed to $8 in favor of indoor grown flower just 4 weeks ago, the spread is now over $200. The Massachusetts Greenhouse Cannabis Spot Index has been on a gradual decline during since then, losing 11.8%, per pound this week. The decline was a result of a surplus of bulk greenhouse flower transactions priced in the lower quartile.
The Michigan Cannabis Spot Index inched upwards this week, gaining 3.2% per pound. A large decline in the Michigan Indoor Cannabis Spot Index of 9.6% was driven by declines in both bulk and prepackaged flower transactions. The current state index is down 37% from the 2024 average 114% below the 2024 high price assessment that occurred the first week of January 2024. A 1.2% increase in greenhouse pricing along with a reduction in the total volume of bulk outdoor flower deals made the state index increase possible.
The Nevada Indoor Cannabis Spot Index increased for the 10th straight week, albeit by only 0.6% per pound this week. This is the highest valuation for the grow type index since September 27th, 2024. The Nevada Greenhouse Cannabis Spot Index also rose by 3.7% per pound this week. At the state level, the February average price assessment is up 25.9% over the January average.
March 2025 Implied Forward closes unchanged at $955 per pound.
At $955 per pound, the March Implied Forward represents a discount of 0.2% relative to the current U.S. Spot Price. For context, the March 2024 Implied Forward closed a year ago at $1,045 per pound, or 9.4% higher.
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