The U.S. Cannabis Spot Index decreased 2.5% to $966 per pound.
In grams, the Spot price was $2.13.
The U.S. Spot Index declined 2.5%, or $25, to close at $966 this week. This marks the lowest weekly price assessment for the national index in 2024. The U.S. Spot Index is currently down 4.7% from the year-to-date average of $1,014 per pound and has been below $1,000 per pound for the fifth consecutive week.
The Alaska Cannabis Spot Index saw the largest percentage movement in our state level price assessments this week, declining 8.5% per pound. The depressed state-level pricing was driven mainly by an increase in transactions of bulk indoor grown flower in the lower price quartile. An increase in the number of transactions of both greenhouse and outdoor grown flower have applied downward pricing pressure on indoor flower cultivators over the past several months.
In California, the state composite price dropped 7.9% per pound this week. Price erosion in both price assessments for indoor and outdoor grown flower had the most impact, with the California Indoor Cannabis Spot Index declining 3.0% and the California Outdoor Cannabis Spot Index losing 4.0% this week. This marks the lowest price assessment for California grown cannabis in our history of reporting, dating back to publishing our first California Cannabis Spot Index on May 15, 2015. For the month of September, the average price of the state composite index is down 11.2% from the August average.
Despite a significant drop in outdoor grown flower pricing, the Massachusetts Cannabis Spot Index climbed 1.9% per pound this week. Prepackaged indoor flower transactions in the upper price quartile offset the 9.9% decline in outdoor grown flower pricing this week. Greenhouse grown flower saw a marginal increase of 0.3% per pound.
October 2024 Implied Forward Unchanged at $1,015.
At $1,015 per pound, the October Implied Forward represents a premium of 5.1% relative to the current U.S. Spot Price of $966 per pound.
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