June 21, 2019

U.S. Cannabis Spot Index — June 21, 2019

U.S. Cannabis Spot Index — Published June 21, 2019

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

  • Relative Volume of Outdoor Flower Traded in Legal Market is Decreasing in Q2 as Thousands of Temporary Cultivation Licenses Expire
  • Colorado

    Medical Cannabis Sales in Denver Up Year-Over-Year, Breaking from Statewide Trends

  • Oregon

  • Monthly Retail Revenue Reaches New Record High in May Even as Sales Volume Declines, Indicating Higher Price Points for Customers
  • Washington

  • Blackout of Plant and Inventory Tracking System Will Prevent Wholesale Trading for 30 Hours Beginning Night of July 13th
  • Arizona

  • State Spot Index on the Rise in May as New Sales Volume Records Established and State’s Patient Count Tops 200,000
  • New Mexico

  • State Data Shows Over 75% Expansion of Production in Q1 2019 from Rise in Plant Count Limits, Larger Harvests Pushing Down Spot Index in Current Quarter

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21 June 2019.  Copyright © 2019 New Leaf Data Services, LLC.  All rights reserved