All posts from 247WallSt.com
247WallSt.com in 247WallSt.com,

Marijuana Price Inches Up to $2,133

For the week ended Friday, September 11, the spot price index for a pound of cannabis ticked up just $5 from $2,128 in the prior week to $2,133. The average price across the United States as a whole may be at or near its yearly high.

The futures price for December 2015 remained unchanged at $1,385, and the October forward also remained flat at $1,825. For the month of November, the forward price drops to $1,500 a pound, also flat with last week’s index.

About two-thirds of the past week’s transactions occurred in a range of $1,633 to $2,537 per pound, according to the analysts at Cannabis Benchmarks. The volume-weighted average price in Colorado fell from $2,090 on September 4 to $2,040 a pound last week.

The volume-weighted average price in California last week was $1,884 per pound, down 1% from $1,900 in the previous week.

According to Cannabis Benchmarks, the volume-weighted average price of cannabis in Oregon rose 2% last week, from $1,802 to $1,841 a pound. In Washington, prices rose 9%, from $1,689 a pound to $1,843.

Washington reported August sales totaled $66 million, up from about $57 million in July. That total could well decrease beginning in October, when sales begin in neighboring Oregon.

ALSO READ: 8 States Running Out of Water

In the futures market, Cannabis Benchmarks noted:

Forward deals remain relatively rare during this pre-harvest period. Buyers in California are reportedly pre-purchasing entire crops from willing cultivators, while other buyers are starting to coalesce operations to ensure supply. In Colorado, buyer desperation is subsiding; yet it is still a seller’s market. However, unlike a few weeks ago, the power of the supplier is diminishing as sellers are less able to dictate price.

Our price check at MJCharts.com indicates prices range from nearly $710 an ounce to around $113. The overall average price for an ounce of marijuana (all strains) in Colorado is currently $11.01 per gram, ranging from a high of $20 a gram to a low of $5. In California the price is $15.48 per gram, ranging from $25 down to $5 per gram; in Michigan the average is $15.56 per gram, in a range of $22 to $7.50; in Oregon the average is $9.88 per gram, in a range of $16 to $4; and in Washington the average is $10.39 per gram, ranging from a high of $15 to a low of $6.

By Paul Ausick