The U.S. Cannabis Spot Index declined by 2.7% to $971 per pound.
In grams, the Spot price was $2.14.
The U.S. Indoor Spot Index decreased 2.8%, or $36, to close at $1,248 per pound. The Index is currently 5.7% lower than the year-to-date average of $1,324 per pound. Declines in indoor flower prices in Massachusetts and Nevada were principal drivers; smaller declines in lower-priced Michigan and Washington also contributed. A 14% increase in California moderated the decline. YTD, the Index is off 11% from last year’s closing price of $1,404.
The Massachusetts Cannabis Spot Index experienced a decline of 4.9% per pound this week. The indoor grown flower price assessment lost 5.8% while the greenhouse grown flower price assessment declined by just 0.1%. Outdoor grown flower saw a price uptick on transfers of prepackaged product, pushing the state outdoor spot index up 1.9% per pound.
Turmoil in the wholesale cannabis market of Michigan continues, as all grow types saw declining prices this week. At the state level, the Michigan Cannabis Spot Index dropped 1.6% per pound. The Michigan price assessment is the lowest of the 22 state markets reported on by Cannabis Benchmarks, currently 17.4% per pound lower than Arizona, another market that has been struggling with a supply/demand balance and experiencing significant downward price pressure with wholesale prices.
December 2024 Implied Forward unchanged at $985 per pound.
At $985 per pound, the December Implied Forward represents a premium of 1.4% relative to the current U.S. Spot Price of $971 per pound.
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