Marijuana price down 4% to $1553 a pound

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For the week ended Friday, June 2, 2017, the spot price index for a pound of cannabis fell 4.3% to $1,553. According to the analysts at Cannabis Benchmarks, the simple average price for a gram fell 28 cents to $3.86.

The futures price for the near-month (July) fell to $1,525. For the month of August, the forward price fell to $1,510. The six-month forward price (December) was initiated at $1,465.

About two-thirds of the past week's transactions occurred in a range of $1,072 to $2,426 per pound.

The Cannabis Benchmark analysts commented on the falling prices:

For the month of May, the U.S. Spot Index averaged $1,614 per pound, a decline of $445 per pound, or 21.6%, from the month’s 2016 average of $2,059 per pound.  Declining costs of production in some markets, and oversupply in others, has resulted in lower average prices each month...

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