For the week ended Friday, November 27th, the spot price index for a pound of cannabis increased by $166 (about 9.6%) from $1,729 in the prior week to $1,895. The simple (non-volume weighted) average price for a gram slipped from $4.70 to $4.58.
The futures price for December rose from $1,615 to $1,640. For the month of January 2016, the forward price increased from $1,665 a pound to $1,680. The six-month forward price for May 2016 is $2,030 a pound, unchanged from the prior week.
About two-thirds of the past week’s transactions occurred in a range of $1,652 to $2,501 per pound according to the analysts at Cannabis Benchmarks. This week’s report was less detailed than usual due to the Thanksgiving holiday.
Cannabis Benchmarks indicated that the price spike was very likely due to a spike in demand:
Despite the recent seasonal harvest–which we estimate to be more than 95% complete–wholesale prices are up in what appears to be a holiday-driven spike in demand. Similar acute increases in demand occur in conjunction with 4/20, spring break, and the extended period from Christmas through New Year’s Eve and into the first week of January.
Our price check at MJCharts.com indicates prices range from $25 a gram to a low of $4 in the all-cities index. The overall average price for a gram of marijuana (all strains) in Colorado is currently $11.21, ranging from a high of $12 a gram to a low of $8. In California the price is $13.73 per gram, ranging from $25 down to $6 per gram; in Michigan the average is $17.27 per gram in a range of $20 to $10; in Oregon the average is $10.33 per gram in a range of $20 to $4; and in Washington the average is $11.07 per gram, ranging from a high of $15 to a low of $6.
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