For the week ended Friday, October 23, the spot price index for a pound of cannabis decreased by $51 (2.8%) from $1,841 in the prior week to $1,790. The simple (non-volume weighted) average price for a gram decreased by four cents to $4.36.

The futures price for November rose by $150 a pound to $1,690, and the December forward price remained unchanged at $1,540. For the month of January 2016, the forward price remained at $1,550 a pound. The six-month forward price for April 2016 remained at $1,850 a pound

About two-thirds of the past week’s transactions occurred in a range of $1,522 to $2,438 per pound, according to the analysts at Cannabis Benchmarks. The volume-weighted average price in Colorado fell 2%, from $1,910 on October 16 to $1,878 a pound last week. Indoor cannabis cultivation operations now account for 2.6% of all warehouse space in Denver. The average rental price for industrial space in the city is $7.05 per square foot, up 5% year-over-year. However, in areas where there is a high concentration of grow operations, rents have risen 56% over a five-year period.

The volume-weighted average price in California last week was $1,528 per pound, down 2% compared with a price of $1,552 in the previous week.

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According to Cannabis Benchmarks, the volume-weighted average price of cannabis in Oregon rose about 3% last week, from $1,898 to $1,957 a pound. In Washington, prices fell 6%, from $1,534 a pound to $1,443.

In the futures market, Cannabis Benchmarks noted:

The volume of forward transactions remained consistent with last week, representing just 40% of the volume observed at the beginning of the month. Experienced buyers are not locking in prices at this time, unless they are in critical need of supply or want to secure higher quality product. Some sellers, desperate for cash, are driving some forward volume; while others, with bumper crops and large yields, will dry, cure and store supplies for three to four months when they can command prices two to three times greater than the current market. On an annualized basis, our analysis suggests that retail demand and access to legal supplies are increasing faster than supply, yet the fall harvest provides a period of temporary equilibrium when supplies catch-up with demand.

Our price check at MJCharts.com indicates prices range from nearly $25 a gram to a low of $3 in the all-cities index. The overall average price for a gram of marijuana (all strains) in Colorado is currently $11.11, ranging from a high of $20 a gram to a low of $5. In California the price is $14.93 per gram, ranging from $25 down to $3 per gram. In Michigan the average is $14.96 per gram, in a range of $22 to $5, and in Oregon the average is $10.56 per gram, in a range of $18 to $5. In Washington the average is $10.39 per gram, ranging from a high of $15 to a low of $6.

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