The U.S. Cannabis Spot Index decreased 2.1% to $991 per pound.
In grams, the Spot price was $2.19.
Despite some impressive price swings this week in several state markets, the near-term story is that the U.S. Spot Index has remained within a $200 range for almost two years, and during this time, the index has hovered close to its historic low of $935 per pound (reached the week of September 15, 2023).
The U.S. Spot Index, launched in April of 2015, experienced its lowest annual average in 2022 at $1,019 per pound. Thus far, YTD, the U.S. Spot Index has averaged $1,022 per pound in 2024.
Strong supply and demand in Michigan and oversupplies in Oklahoma have driven wholesale prices significantly down in each market. Time will tell whether or not these are temporary price distortions or markets approaching steady-state equilibrium. We know from recent reporting that illicit supplies are entering Michigan’s legal supply chain, and that legal surplus supply is leaving Oklahoma to serve markets in the Northeast.
April 2024 Implied Forward assessed down $5 to $1,040 per pound.
At $1,040 per pound, the April Implied Forward represents a premium of 4.9% relative to the current U.S. Spot Price of $991 per pound.
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