Our flagship U.S. Cannabis Spot Index gained 15% in 2025. Each of the major U.S. indices gained in a year marked by stabilizing prices and/or improving pricing power in many markets.
Except for greenhouse grown flower, the volume weighted indices increased at two times or more their simple average counterparts. While volume weighted pricing is almost uniformly lower than the simple average – since buyers are getting volume discounts – this difference in the rates of price growth suggest that pricing power is returning to the seller due to growing demand for bulk unpackaged flower and large volumes of packaged flower.
The U.S. Cannabis Spot Index gained 15% in 2025 to close at $1,078 per pound, recouping all of 2024’s decline. Despite reaching its historic low point of $888 per pound on January 3, 2025, the recovery may indicate that competition, consolidation, process efficiency, and improvements in cultivation methods and technology have reached a critical point in the broader view. The wholesale market remains volatile, but prices have hovered around the $1,000 per pound range since 2022, a sign that the market is maturing and – having weathered a few busts – may have found a floor under the current regulatory framework.
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