Half of the past week’s transactions fell in a range of $1,600 to $1,900 per pound, and about a third of sales fell in the range of $1,600 to $1,700, according to the analysts at Cannabis Benchmarks. The volume-weighted asking price in Colorado rose to an average of $1,810 a pound last week, nearly 5% higher than a week earlier.
In industry news, the state of California fined a grower $300,000 for damaging the surface water by grading and terracing the land. In Oregon, independent tests of cannabis samples showed that 8 of 10 tested positive for pesticide residue. The use of pesticides on cannabis is technically illegal under U.S. Environmental Protection Agency (EPA) rules.
In Colorado, prices are being boosted as a result of increased pest problems. The state’s wet May weather followed by a hot June have made pest problems worse, due at least in part to weak environmental controls.
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Prices remained flat according to a report from Cannabis Benchmarks. A pound of marijuana sold for $1,700 at the end of last week, with California prices ranging from $1,400 to $1,800 and a Colorado price range of $1,400 to $2,200 per pound.
In the longer term, growers expect average monthly prices to peak at $1,850 a pound in August and September, just before harvesting of the new crop begins. Availability of water is pushing the October price to $1,600. The back end of the curve in November and December drops further to $1,350 a pound.
Our price check at PriceOfWeed.com shows little change. The average price for an ounce of high-quality marijuana in Colorado is currently $241.14, down four cents from last week. In California the price of high-quality marijuana is given as $241.93 (down a penny), compared with $297.02 (down a penny) in Florida, $317.10 (up five cents) in Georgia, $326.06 (down eight cents) in Texas, and $231.78 (up 17 cents) in Washington.
The July (the prompt month) price for a pound of cannabis remained unchanged at $1,780 a pound.
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