The U.S. Cannabis Spot Index decreased 2.9% to $1,166 per pound.
In grams, the Spot price was $2.57.
The California Cannabis Spot Index fell by 19.0% per pound this week. The precipitous drop was mainly the result of a large reduction in the average transaction size of prepackaged indoor flower priced in the upper quartile. Prepackaged indoor flower prices fell by 9.4%, while bulk greenhouse flower prices lost 4.3% and bulk outdoor grown flower prices shed 2.1%. This marks the lowest the state index has been since mid-May.
The Michigan Cannabis Spot Index hit its high for the year this week, rising 6.4% per pound over last week. The state index had been suppressed for most of 2025 due to the oversupply of low-priced outdoor grown flower. Since the state outdoor index began rebounding in late July, along with a reduction in the total volume of sungrown flower being transacted, higher-priced products grown indoors and in greenhouses have been able to drive the state index upwards.
The New Mexico Cannabis Spot Index reached a 2025 high price per pound this week, an 8.5% gain over last week. While outdoor flower prices held steady, both indoor and greenhouse grown flower saw prices rise, by 6.8% and 3.0%, respectively. The current state index is 26.7% higher than the 2025 average price per pound.
November 2025 Implied Forward unchanged at $1,120 per pound.
At $1,120 per pound, the November Implied Forward represents a discount of 3.9% relative to the current U.S. Spot Index of $1,166 per pound. The Forward curve reflects the market’s expectation that an increase in supply, resulting from the fall outdoor harvest, will drive down prices in the weeks ahead.
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