About two-thirds of the past week’s transactions fell in a range of $1,390 to $1,982 per pound, and half of the sampled transactions fell in the $1,666 to $2,000 per pound range, according to the analysts at Cannabis Benchmarks. The volume-weighted average price in Colorado rose about 5% from $1,686 on July 11 to $1,714 a pound last week.
In other marijuana industry news, an anti-cannabis group has filed lawsuits against some cannabis businesses in Colorado, claiming violation of federal racketeering laws. The lawsuits also target businesses like banks, accountants and landlords that do business with legal cannabis operations. The continuing disparity between federal and state law continues to offer opponents of legal marijuana plenty of opportunities to try to curb legal businesses.
To underscore the growing controversy between federal and state laws, Federal agents raided two large Native American growers last week, claiming that cannabis produced at the farms was intended for distribution off tribal lands. Such distribution is illegal, according to a U.S. Justice Department ruling known as the Cole Memorandum that was issued in 2013.
Our price check at PriceOfWeed.com shows little change. The average price for an ounce of high-quality marijuana in Colorado is currently $241.36, up 12 cents from a week ago. In California the price of high-quality marijuana is given as $242.01 (up five cents), compared with $297.12 (up nine cents) in Florida, $317.14 (up five cents) in Georgia, $326.07 (up six cents) in Texas and $231.74 (up six cents) in Washington.
The August (the prompt month) price for a pound of cannabis slipped from $1,875 to $1,850.
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