The U.S. Cannabis Spot Index down 1.3 percent to $1,157 per pound. The simple average (non-volume weighted) price decreased by $31 to $1,319 per pound, with 68 percent of transactions (one standard deviation) in the $578 to $2,060 per pound range. The average deal size was nominally unchanged at 5.6 pounds. In grams, the Spot price was $2.55, and the simple average price was $2.91.

The relative frequency of trades for indoor-grown flower shrank by four percent week-over-week; that for greenhouse product saw a four percent increase, while transactions involving outdoor flower grew in frequency by one percent compared to last week.

The relative volumes of the two sun-fueled grow types also expanded week-over-week, albeit modestly, by just one percent each. As a result, warehouse product’s share of the total documented weight moved nationally contracted by two percent compared to last week.

A small decrease in the national volume-weighted price for indoor product overwhelmed slight rises in the going rates for greenhouse and outdoor flower to establish a new all-time low national composite price.

Average deal sizes on the national level were fairly steady for the most part this week, with trades for greenhouse product experiencing the largest proportional shift.

August forward, unchanged at $1,300 per pound. ​The average forward deal increased one pound to 67 pounds. The proportion of forward deals for outdoor, greenhouse, and indoor-grown flower represented 44 percent, 41 percent, and 14 percent of forward arrangements, respectively.

The average forward deal size for monthly delivery for outdoor, greenhouse, and indoor-grown flower was 77 pounds, 62 pounds, and 48 pounds, respectively.

At $1,300 per pound, the August Forward represents a premium of 12.4 percent relative to the current US Spot Price of $1,157 per pound.

The premium or discount for each forward price, relative to the US Spot Index, is illustrated in the table below.

The U.S. Cannabis Spot Index declined 1.3% to $1,612 per pound.

The simple average (non­volume weighted) price decreased $15 to $1,926 per pound, with 68% of transactions (one standard deviation) in the $1,392 to $2,461 per pound range.

The average deal size increased 9.6% to 9.0 pounds this week, from 8.3 pounds last week. In grams, the Spot price was $3.55, and the simple average price was $4.25.

This week’s Transaction Stats are broadly in line with those of last week, with some minor shifts.

Outdoor product continues to be relatively scarce in both frequency and volume of observed deals. The number of deals for greenhouse flower as a percent of the total observed transactions fell 6% compared to last week. However, the proportion of the total observed volume traded constituted by greenhouse product remained largely steady, falling by only 2%.

The volume of indoor production as a percentage of the total observed weight moved this week rose by 3%, pushing it over the 50% threshold to account for more than half of the observed volume traded.

Forward Curve stable ahead of outdoor harvest. At $1,525 per pound, the October Forward represents a discount of 5.4% relative to the U.S. Spot Index.

This week’s distribution of forwards was 2% outdoor, 29% greenhouse and 69% indoor. The average forward deal was 15 pounds.

Forward arrangements for weekly and bi­weekly deliveries ranged from 0.25 to 30 pounds and averaged 6.2 pounds. Monthly deliveries ranged from 4 to 100 pounds and averaged 24.2 pounds.

Buyers and sellers reported forward deals in California, Oregon, Washington, Colorado, Arizona, Michigan, D.C. and Maine. The premium or discount to the U.S. Spot Index are illustrated in the table below.

The preceding report is a component of the Cannabis Benchmarks.® “Weekly Report”, published on September 23, 2016.

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