The U.S. Cannabis Spot Index decreased 0.5% to $961 per pound.
In grams, the Spot price was $2.12.
The U.S. Cannabis Spot Index declined 0.5%, or $5, to close at $961 this week. This marks back-to-back weeks of the index setting the yearly low price. The U.S. Spot Index is currently down 5.0% from the year-to-date average of $1,012 per pound and has been below $1,000 per pound for the sixth consecutive week.
Colorado cannabis prices fell across all grow types this week, pushing the Colorado Cannabis Spot Index down 5.1% per pound. A surplus of low-priced outdoor grown flower was the predominant factor in the state-level price drop. Large lots of outdoor grown flower traded below $400 per pound price point, lowering the Colorado Outdoor Cannabis Spot Index by 8.7% per pound.
Both indoor grown and greenhouse grown cannabis flower prices declined in Maine this week, pushing the state composite price down 3.7%. Indoor flower prices were down 1.4% and greenhouse prices fell 1.7%. Since the first week of Q3, flower sold in bulk has declined 7.4% per pound, while prepackaged flower product pricing rose 4.2% per pound.
Despite the New Mexico Cannabis Spot Index staying relatively flat week-to-week, the September average price is down over 13% compared to August. Among the 22 state markets that Cannabis Benchmarks tracks wholesale flower prices for, New Mexico cannabis prices have fared the worst in their Q3 2024 performance. Overall, the state composite price is down over 25% since the opening week of the third quarter. Indoor prices have suffered the most, buckling under the pressure of increased sales of lower priced greenhouse and outdoor grown flower, losing nearly 19% over the last 11 weeks.
October 2024 Implied Forward Unchanged at $1,015.
At $1,015 per pound, the October Implied Forward represents a premium of 5.6% relative to the current U.S. Spot Price of $961 per pound.
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