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.
ALSO READ: 9 Cities Running Out of Water
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.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
