The U.S. Cannabis Spot Index increased 2.2% to $1,003 per pound.
In grams, the Spot price was $2.21.
The U.S. Outdoor spot index hit a new all-time low of $382 per pound, fractionally lower than last week, and a third consecutive weekly low. For context, the U.S. Outdoor spot index averaged $1,390 per pound in 2016 – the first full year of our weekly assessments – a level higher than the current U.S. Indoor spot index. The U.S. Outdoor simple average rose 5.1% to $535 per pound. This disparity between the volume weighted average and simple average can be partially explained by the average transaction volume in more established Western states, such as California, Oregon, Washington and Colorado. For these four states, the average spot index per pound for outdoor this week, collectively, is $361/lb and the average outdoor transaction volume is 4.3 pounds. Alaska, Montana, New Mexico, Michigan, and Vermont – other state markets with outdoor flower prices that we track – have average deal sizes less than a pound, making their influence on the volume weighted average much less significant.
The California spot index rose 8.5%, primarily due to a reduction in the volume and number of outdoor flower transactions this week. The reduction in trading of outdoor flower coincides with the new all-time low for the California Outdoor Spot Index.
Massachusetts pricing continues to experience measurable volatility across both bulk and prepackaged wholesale products. Both indoor and greenhouse price assessments fell over 6% this week, driven mainly by a price drop for bulk flower. Competition between greenhouse flower and indoor flower producers is ramping up and prices for indoor flower are experiencing downward pressure to maintain their demand, a situation that has also been playing out in Michigan in 2024.
August 2024 Implied Forward unchanged at $1,010 per pound.
At $1,010 per pound, the August Implied Forward represents a premium of 0.7% relative to the current U.S. Spot Price of $1,003 per pound.
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