The U.S. Cannabis Spot Index increased 4.1% to $1,014 per pound.
In grams, the Spot price was $2.24.
The U.S. Spot Index increased 4.1% to $1,014 per pound. The primary driver of this increase was a 13.4% increase in the price of outdoor sungrown flower. A 3.7% increase in the price of indoor grown flower also contributed. Given that the average price for indoor flower is 3x that of outdoor flower, a 1% change in the indoor price has a 3x impact on the U.S. Spot Index relative to a 1% change in the outdoor price. However, the volume by weight of indoor transactions contributing to the U.S. Spot Index decreased week over week.
After a large decline in last week’s price assessment for California wholesale cannabis flower products the state composite price jumped up 18.8% per pound this week, mainly driven by a reduction in total volume and number of transactions for low priced bulk outdoor grown flower.
Cannabis prices in Michigan rose this week as greenhouse grown flower pricing surpassed indoor flower prices for the first time in our reporting. The same phenomena happened in Colorado in 2020.
A similar trend is developing in Massachusetts as more greenhouse grown flower is produced and retailers increase their demand for it, forcing downward pricing pressure on indoor flower cultivators.
Despite a slight decline in this week’s Maryland price assessment, the July average price closed $350 per pound higher than the June average.
August 2024 Implied Forward unchanged at $1,000 per pound.
At $1,000 per pound, the August Implied Forward represents a discount of 1.4% relative to the current U.S. Spot Price of $1,014 per pound.
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