The U.S. Cannabis Spot Index decreased 2.9% to $974 per pound.
In grams, the Spot price was $2.15.
The U.S. Spot Index hit a new low of $974 per pound for the year; a low not seen since the index was $963 per pound the week ending September 22, 2023. The decline was driven primarily by an increase in both the volume and price of outdoor transactions, with total outdoor flower transaction volume up roughly 25% from the prior week, while outdoor prices declined 9.5%.
The U.S. Outdoor spot index hit a new all-time low this week, the fourth consecutive weekly low. For context, the U.S. Outdoor spot index averaged $1,390 per pound in 2016 – the first full year of our weekly assessments – a level higher than the current U.S. Indoor spot index. The U.S. Outdoor simple average also declined, losing 4.5% this week. The largest driver was a 10.7% decline in the price of outdoor sungrown flower in California.
Indoor grown flower in Nevada broke free from the recent downward trend it had been on since the beginning of May, increasing 5.0% this week. Despite this week’s increase, the current indoor spot index for the state is 22.4% below the 2023 closing price assessment.
The Pennsylvania Cannabis Spot Index held relatively steady this week, down $7 per pound . The current price is nearly identical to the running 52-week average for the state, off by less than $1.
August 2024 Implied Forward assessed down $10 to $1,010 per pound.
At $1,000 per pound, the August Implied Forward represents a premium of 2.7% relative to the current U.S. Spot Price of $974 per pound.
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