The U.S. Cannabis Spot Index declined by 0.4% to $998 per pound.
In grams, the Spot price was $2.20.
Despite a significant increase in indoor grown flower pricing this week, the state composite price assessment for California lost 8.2% per pound to open November. Contrary to the state composite price decline, the California Indoor Cannabis Spot Index climbed 11.2% per pound this week. The large price movement was due to an increase in prepackaged flower products selling on the wholesale market in the top quartile of the price range. Several brands have established themselves in the upper echelon of products, demanding the highest prices on the wholesale market by only serving recreational customers with prepackaged products, predominantly in half ounce and eighth ounce packages, and serving the Central Coast, Southern California, and the San Joaquin Valley.
The Washington D.C. Cannabis Spot Index declined by 5.2% per pound this week. The running H2 2024 average price assessment is currently 1.4% lower than the H1 2024 average price assessment per pound.
Wholesale cannabis flower prices in Michigan continue to move down, to levels that market participants may not have imagined 3 years ago. Since November 2021, the volume weighted average price of cannabis flower in Michigan has declined 77.4%! This year alone has seen the price drop 49.25% from the opening week of January to this week. This level of price erosion has many factors influencing it, with the main one being the unlimited licensing structure put in place by the Michigan CRA (Cannabis Regulatory Agency). With no cap on supply, declining prices were inevitable, yet this level of price collapse is unrivaled across all other state markets.
May 2025 Implied Forward initially assessed at $1,015 per pound.
At $985 per pound, the December Implied Forward represents a discount of 1.3% relative to the current U.S. Spot Price of $998 per pound.
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