For the week ended Friday, November 11, the spot price index for a pound of cannabis decreased 0.5% from $1,393 in the prior week to $1,386, declining for the third straight week to the lowest level for the year. According to the analysts at Cannabis Benchmarks, the simple average price for a gram rose from $3.79 to $3.91.

The futures price for the near month of December remained unchanged at $1,525. The forward price for January was unchanged at $1,625 a pound, as was the six-month forward price for May, at $1,725 a pound.

About two-thirds of the past week’s transactions occurred in a range of $1,266 to $2,285 per pound .

This week the analysts commented on some potential effects on the cannabis industry following the election of Donald Trump:

As those familiar with the cannabis industry well know, state-legal adult-use markets are operating currently under the indulgence of the Obama administration in the form of the 2013 Cole Memo, which stipulates that the federal Controlled Substances Act (CSA) will not be enforced against such systems if certain guidelines are followed. The Cole Memo is a product of the current AG’s office and is not binding statute, meaning that a new AG could choose to pursue a different course in regard to legal cannabis. Again, though, the lack of coherent policy proposals from Trump’s campaign means that the federal stance on cannabis over the course of the next four years is extremely hazy at the moment, with the topic appearing for now to be one that is not a high priority. The continuation of the status quo would allow state-legal cannabis businesses to keep operating, as well as expanding within their existing markets and possibly into new ones, while new entrants work to establish themselves in their respective state markets. However, without action from Congress on the federal level, such businesses will continue to do so with the costly burdens that many have grown accustomed to; namely, the expenses associated in dealing primarily in cash, in addition to sky-high federal tax bills due to section 280E of the Internal Revenue Code.

Implied forward prices are expected to reach their six-month peak in May at $1,725 a pound. The six-month low is expected to be $1,525 in December.

Our price check at MJCharts.com indicates prices range from $27.19 a gram to a low of $3.50 in the all-cities index. The all-cities index price is $12.26 per gram, down 22 cents compared with the prior week. The overall average price for a gram of marijuana (all strains) in Colorado is currently $11.44 ranging from a high of $25 a gram to a low of $3.50. In California the average price is $14.97 per gram, ranging from $27.19 down to $3.50 per gram; in Michigan the average price is $13.84 per gram in a range of $25 to $5; in Oregon the average is $11.37 per gram in a range of $20 to $4; and in Washington the average is $10.61 per gram, ranging from a high of $17.00 to a low of $4.00.

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