The U.S. Cannabis Spot Index increased 0.2% to $1,079 per pound.
In grams, the Spot price was $2.38.
The overall U.S. Spot wholesale flower price was fairly stable week-on-week, with only a marginal uptick observed. The national composite price is also up 10.8% year-on-year, from $974 per pound in the week ending November 18, 2022.
In the wake of 2022’s autumn harvest, the U.S. Spot fell to what was at the time an all-time low of $950 per pound in mid-December. It would then test that level two more times in February and March of this year. While it appeared that spot was heading lower after it fell to $936 per pound in mid-September, it has quickly bounced back even with the outdoor harvest making its way to market in numerous states. So far this year, climbing rates for wholesale indoor flower are lifting the overall national average; this week’s volume-weighted average price for indoor product is up 8.8% from the mid-September trough.
Additionally, the expected seasonal downturn in wholesale outdoor flower prices hasn’t yet materialized this year. While prices for outdoor product are down compared to the summer, the national price for the grow type has occupied a tight $38 range since August. Notable wholesale price downturns have also failed to manifest across states with significant outdoor cultivation.
Wholesale flower prices in California have seen the most pronounced post-harvest decline to this point, with this week’s price for outdoor flower matching the previous year-to-date low observed in January and potentially headed towards last year’s post-harvest trough.
Massachusetts’ spot price this week broke below a level that had not been breached since July, but remains well above the sub-$1,000 per pound bottom it fell to in March.
Colorado, Oregon, Washington, and Michigan have thus far seen only modest downturns in their overall wholesale flower prices. As we’ve pointed out, sales volume continues to expand across even mature markets, helping growers move their crops. In our interview with a Michigan cultivator, just below, he reported brisk demand for this year’s outdoor crop, which is helping wholesale prices in the state hold firm.
December 2023 Implied Forward assessed up $15 to $1,015 per pound.
At $1,015 per pound, the December 2023 Implied Forward represents a discount of 6.0% relative to the current U.S. Spot Price of $1,079 per pound.
Wholesale Demand Strong, Outdoor Harvest Selling Briskly – Interview
State Data Shows Growing Inventories of Concentrates, Fresh Frozen Plant Material
Wholesale Prices Up YoY Despite Slumping Demand
Wholesale Price Volatility Declines, No Post-Harvest Downturn Yet