The U.S. Cannabis Spot Index decreased 1.2% to $950 per pound.
In grams, the Spot price was $2.09.
The U.S. Cannabis Spot Index declined 1.2%, or $11, to close at $950 per pound to close the month of September. This marks the third straight week of the index setting the yearly low price. The national greenhouse flower price index saw the largest decline by grow type this week, declining 2.3%, while outdoor grown flower pricing climbed 2.6%. The September average for the Index, at $967 per pound, is down 3.3% from the August average of $1,000.
The Michigan Cannabis Spot Index closed out September on a positive note, rising 2.1% per pound. For the quarter, the state composite price lost 8.1%, driven largely by declining indoor and outdoor grown flower prices. For Q3, indoor flower prices lost 7.9% and outdoor flower prices declined by 15.8%. Prepackaged flower products held their position since the beginning of July, as bulk flower transactions were responsible for the overall declining rates. Bulk flower transaction prices lost over 10% of their value during the 3 month span of Q3 2024.
In Nevada, wholesale cannabis prices held steady overall during Q3, only losing 0.8% per pound. Bulk flower pricing played a large role in keeping the state composite price steady over the past 3 months. Bulk products gained 15.3% in Q3, compared to prices for prepackaged flower products receding 10.3%. As was the case in several other states – such as Oregon, Oklahoma, and New Mexico – greenhouse grown flower prices in Nevada suffered the most over the quarter, losing 14.4% per pound.
The California Cannabis Spot Index saw a slight decline of 0.7% per pound to close September. All grow types experienced a slight decline to close out the month. Since the start of Q3 2024, the state composite price is down 8.4%. With large amounts of outdoor flower priced in the lower quartile being transacted over the past three months, the California Outdoor Cannabis Spot Index saw prices decline 18.3% since the first week in July.
October 2024 Implied Forward Closes Unchanged at $1,015.
At $1,015 per pound, the October Implied Forward represents a premium of 6.8% relative to the current U.S. Spot Price of $950 per pound.
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