November 22, 2019

U.S. Cannabis Spot Index — November 22, 2019

U.S. Cannabis Spot Index — Published November 22, 2019

U.S. Cannabis Spot Index down 0.5% to $1,456 per pound.


The simple average (non-volume weighted) price decreased $23 to $1,661 per pound, with 68% of transactions (one standard deviation) in the $988 to $2,334 per pound range. The average reported deal size decreased to 2.1 pounds. In grams, the Spot price was $3.21 and the simple average price was $3.66.


The relative frequency of trades for indoor flower decreased by 2% this week. The relative frequency of deals for outdoor product increased by the same proportion, while that for greenhouse flower was unchanged. 


Outdoor product’s share of the total reported weight moved nationally expanded by over 3% this week. The relative volume of warehouse flower contracted by the same proportion, while that for greenhouse product was unchanged.

The U.S. Spot Index declined by 0.5% this week to settle at $1,456 per pound. The decrease in the national composite price resulted in the U.S. Spot’s Trailing 4-Week Average turning downward for the first time since late August. Despite the harvest season, the trend lines of the Spot prices of three of the four largest markets remain on the rise, however, with Oregon’s the exception.


New data from Oregon officials reveals that the overall volume of this year’s fall crop exceeded those cut down in 2017 and 2018 by about 20%, although its quality and saleability remains to be determined as poor weather reportedly plagued many growers and resulted in mold issues. Still, the significant uptick in harvest volume in Oregon even in the face of less-than-ideal conditions in the state in late September and October suggests that large crops were also realized in California and Washington, where harvest-season weather was reportedly better in the areas of those states where outdoor cultivation is concentrated. 


Nevertheless, prices for outdoor flower were on the rise in all four of the major Western states this week, although the increase in the relative volume of such product on the national level was largely responsible for the small downturn in the U.S. Spot.

The national volume-weighted price for flower to be sold to general consumers declined this week on decreases in the adult-use sectors of the markets of California and Colorado, as well as downturns in Washington State and Nevada. 


The national price for medical flower rebounded this week on an uptick in that section of the market in California, in addition to increasing prices in the medical-only systems of Maine, New Hampshire, and New Mexico.

December Forward unchanged at $1,470 per pound.


The average reported forward deal size was 51 pounds. The proportion of forward deals for outdoor, greenhouse, and indoor-grown flower was 51%, 34%, and 15% of forward arrangements, respectively. The average forward deal sizes for monthly delivery for outdoor, greenhouse, and indoor-grown flower were 52 pounds, 43 pounds, and 60 pounds, respectively.


At $1,470 per pound, the December Forward represents a premium of 0.9% relative to the current U.S. Spot Price of $1,456 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

  • Taxes on Retailers and Cultivators to Increase in 2020
  • Colorado

    MED Urges Businesses to Immediately Stop Sale of Vape Products with Vitamin E Acetate, But Actual Deadline for Compliance is January 1, 2020

  • Oregon

  • Official Data for October Shows Sales of Concentrates & Extracts Increased Even as Ban on Flavored Vapes Was Implemented Mid-Month
  • Volume of Wet Plant Material Harvested in September & October This Year Reaches Roughly 3.6 Million Pounds, Up About 20% Compared to Same Months in 2017 & 2018
  • Washington

  • Regulators Implemented Ban on Vape Products With Vitamin E Acetate This Week
  • Michigan

  • Adult-Use Sales Can Start in Just Over Two Weeks, as Officials Announce 
  • Arizona

  • Almost 14,000 Pounds of Flower Sold to Patients in October, A New Record for the State’s Medical Market

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Cannabis Benchmarks®, a division of New Leaf Data Services, LLC

22 November 2019.  Copyright © 2019 New Leaf Data Services, LLC.  All rights reserved