The U.S. Cannabis Spot Index increased 6.8% to $1,021 per pound.
In grams, the Spot price was $2.25.
The U.S. Cannabis Spot Index increased 6.8%, or $66, to close at $1,021 per pound. This week’s move, closed the gap from last year’s closing price by half. The U.S. Spot Index is currently 1.1% higher than the year-to-date average of $1,010 per pound. This is the first time in nine weeks that the index broke above $1,000. The increase was driven by price increases across all cultivation methods. The biggest impact came from a 7.6% increase in outdoor flower prices. With indoor flower prices more than 3x the price of outdoor flower, its 1.5% increase nearly matched the impact of that from the price increase in outdoor flower.
Wholesale cannabis prices in Connecticut experienced a rise of 6.4% per pound this week. This marks the highest price assessment in the state since early June. The current average price is down nearly 16% from the yearly high price assessment in April, when supply constraints buoyed pricing, yet is a welcome sign to cultivators in the state after prices dipped for several weeks this summer.
After months of indoor grown and greenhouse grown flower in Michigan experiencing price convergence, with greenhouse prices exceeding that of indoor grown flower in late-July through mid-September, greenhouse prices are now $80 per pound lower than that of indoor grown flower. Since the week of August 2, 2024 the average price for a pound of greenhouse grown flower in the state has declined 19.2%.
The rollercoaster price assessments in Oregon continued this week. Of the 22 state markets reported on by Cannabis Benchmarks, prices in Oregon have proven to be one of the most volatile, despite being one of the most mature. This week the Oregon Cannabis Spot Index climbed 11.3%, on strong performance across all grow types. Freshly cured outdoor grown flower is hitting the market and the 14.2% increase in pricing demonstrates the eagerness of retailers to get new offerings on the shelves.
November 2024 Implied Forward unchanged at $1,010 per pound.
At $1,010 per pound, the November Implied Forward represents a discount of 1.1% relative to the current U.S. Spot Price of $1,020 per pound.
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