The U.S. Cannabis Spot Index decreased 0.3% to $1,012 per pound.
In grams, the Spot price was $2.23.
The U.S. Spot Index was nominally unchanged this week, decreasing 0.3%. Despite the apparent top-line stability, price movement among the underlying components essentially canceled each other out. The price of outdoor sun grown flower declined 7.4%. This decrease was minimally offset by a 0.5% increase in the price for greenhouse grown flower. The primary offset to the decrease in the price of outdoor flower was a 2% increase in the proportion of higher priced indoor flower contributing to the U.S. Spot Index. Somewhat counterintuitively, the price of indoor flower declined 2.1%, but being 3.5x the price of outdoor flower, a small increase in volume makes the difference.
The Nevada Indoor Spot Index jumped 10.1% this week on the back of strong bulk indoor product deals. The indoor price assessment is the highest since the end of May. Overall, the Nevada Spot Index rose 5.7% per pound.
After declining during most of July, wholesale cannabis prices in Pennsylvania saw a positive gain this week, with the Pennsylvania Spot Index climbing 3.9% per pound. With the increase in this week’s price assessment, the current index is now above the 2024 average price.
The gains made in the Oklahoma Spot Index from the middle of May through June evaporated this week, as the index dropped 7.4% per pound and the lowest since the first week in May. As was the case back in April, when the Oklahoma volume weighted average hit its lowest level on record, a surplus of low priced greenhouse grown flower has been hitting the market, applying downward pressure on the state composite index.
February 2025 Implied Forward Assessed at $995 per pound.
At $1,000 per pound, the September Implied Forward represents a discount of 1.1% relative to the current U.S. Spot Price of $1,012 per pound.
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