About two-thirds of the past week’s transactions fell in a range of $1,513 to $1,911 per pound, and the spot price rose 8% to $1,855 a pound, according to the analysts at Cannabis Benchmarks. The volume-weighted average price in Colorado dropped by nearly 7% from $1,810 on June 27 to $1,686 a pound last week.
In other marijuana industry news, sheriff’s departments in several California counties conducted raids that resulted in the destruction of more than 86,500 plants and the seizure of about 5,000 pounds of processed cannabis. Growers were also charged with 97 environmental violations.
Now that cannabis possession is legal in Oregon, dispensaries near the Washington border have experienced higher sales because Oregon has not yet established a framework for legal sales. Legal dispensaries for medical marijuana opened in Delaware, Minnesota and Massachusetts last week. The number of patients registered to receive cannabis remains very small, however, with Delaware counting 344, Minnesota just 65 and Massachusetts at around 9,000.
In the longer term, growers in several states appear willing to accept prices as low as $1,400 a pound in January, although there is some resistance to any price below $1,600. Prices are expected to average around $1,875 a pound in August, just before harvesting of the new crop begins. Availability of water has pushed the October price to $1,600. The back end of the curve in January currently stands at $1,475 a pound, up from $1,350 in December.
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Our price check at PriceOfWeed.com shows little change. The average price for an ounce of high-quality marijuana in Colorado is currently $241.24, up five cents from two weeks ago. In California the price of high-quality marijuana is given as $241.96 (up one cent), compared with $297.03 (unchanged) in Florida, $317.09 (unchanged) in Georgia, $326.01 (unchanged) in Texas and $231.68 (down seven cents) in Washington.
The August (the prompt month) price for a pound of cannabis rose from $1,790 a pound to $1,875.
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