U.S. Cannabis Spot Index up 0.3% to $1,259 per pound.
The simple average (non-volume weighted) price declined $16 to $1,429 per pound, with 68% of transactions (one standard deviation) in the $619 to $2,238 per pound range. The average reported deal size decreased to 2.5 pounds from 2.7 pounds last week. In grams, the Spot price was $2.78 and the simple average price was $3.15.
The relative frequency of trades for outdoor flower increased by 2% week-over-week. The relative frequency of transactions involving indoor and greenhouse product each decreased by 1%. Outdoor product’s share of the total documented weight moved nationally also expanded by almost 3% this week. The relative volumes of warehouse and greenhouse flower contracted by about 1% and 2%, respectively, relative to the week prior.
The U.S. Spot Index rose marginally for the second straight week, increasing by 0.3% to settle at $1,259 per pound. This is the fifth consecutive week in which a new annual peak was established for the national composite price. Notable declines in the Spot Indices of California and Nevada this week diminished upward pressure on the national average from rising rates in Colorado, Oregon, and Washington State. As we expand upon below, Oregon’s market is experiencing unprecedented demand in recent months, while available information indicates that sales in Washington in March and April reached near-record levels. In regard to mid-sized markets, wholesale rates in Massachusetts and Michigan were on the upswing this week, but are not climbing as rapidly as they were earlier in the year. Meanwhile, Illinois’ Spot price has trended downward in Q2 after rising to one of the highest in the country at the close of Q1, while increased production in New Mexico is pushing down rates in that market.
The national volume-weighted price for flower to be sold to general consumers jumped this week on increases in Colorado, Oregon, Washington, and Alaska. Prices for medical flower were down this week, due mainly to declines in California, Colorado, Illinois, and New Mexico.
July Forward unchanged at $1,200 per pound.
The average reported forward deal size was 50 pounds. The proportion of forward deals for outdoor, greenhouse, and indoor-grown flower was 59%, 30%, and 16% of forward arrangements, respectively. The average forward deal sizes for monthly delivery for outdoor, greenhouse, and indoor-grown flower were 42 pounds, 57 pounds, and 64 pounds, respectively.
At $1,200 per pound, the July Forward represents a discount of 4.7% relative to the current U.S. Spot Price of $1,259 per pound. The premium or discount for each Forward price, relative to the U.S. Spot Index, is illustrated in the table below.
Headlines From This Week’s Premium Report:
California
Colorado
Medical Cannabis Sales in Denver Up Year-Over-Year, Breaking from Statewide Trends
Oregon
Washington
Arizona
New Mexico