Wholesale cannabis price of a pound of legal marijuana plummeted in January, according to a new report tracking the commodity’s U.S. spot price index. An overabundance sent wholesale cannabis prices into a free fall, according to Cannabis Benchmarks. The U.S. spot index for cannabis last week stood at a national average of $1,292 per pound, a 3.5% decline compared to the week prior, according to Cannabis Benchmarks.
Excerpt from original article at Cannabist.co By, The Cannabist Staff
The overall drop in wholesale cannabis prices “was driven primarily by significant week-over-week decline in wholesale rates in Oregon, though most of the major Western markets saw decreases in their composite prices, with Colorado the only exception,” the report said.
Wholesale cannabis prices were also dragged down by Washington state, where they fell to $1,004 per pound, the lowest price Cannabis Benchmarks has seen in three years of reporting.
Demand for legal pot leveled off in some of the mature cannabis markets during the second half of 2017, report author Adam Koh told The Cannabist. While there may still be some growth in those markets, expect the downward trend in prices to continue through the first quarter of 2018, he said.
The firm’s data indicates that thus far, Sessions’ marijuana moves have not had a noticeable effect on cannabis prices, Koh said. Cannabis is not any more federally illegal today than it was prior to Sessions’ Jan. 4 announcement, Koh added. In his view, until some sort of federal cannabis crackdown takes place, few state-legal cannabis companies will be inclined to flee the market.
This year also began with the legalization of adult-use cannabis in California, the largest economy in the country — and the sixth largest economy in the world. But how California’s entry into the legal cannabis market will affect cannabis prices in 2018 remains uncertain, in part because it has an “entrenched” informal marijuana market, Koh said. Last October, Cannabis Benchmarks analysts estimated that only a “small fraction” of commercial cannabis transactions during 2018 will take place within the licensed marketplace, citing the state’s vast black market.
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