Cannabis Prices Hit New Lows

Wholesale cannabis prices slumped to an all-time low in recent days, according to Cannabis Benchmarks’ U.S. Spot Index. Prices fell 1.2% sequentially to $936 a pound, or $2.06 a gram. That figure was down 7.3% from a year prior. The unprecedented downturn stems from the intersection of a variety of factors that have steadily eroded prices over the last several years, coupled with seasonal trends. Summer harvests are coming to market now, just as the midsummer peak in demand is waning.

These trends are quite similar to what was observed at this time last year. “It’s also notable that outdoor flower’s price this week is comparable to a year ago,” Cannabis Benchmarks wrote, explaining that outdoor product prices also saw a boost in summer 2022 before falling to end the year. “Similar performance this year is likely and it would not be unexpected to see price dip to similar depths reached in Q4 last year. National wholesale prices for indoor flower have also begun tracking closely with those observed last year. The recent convergence of prices for 2022 and 2023 indicates stabilization and reduced volatility across the country, compared to the rollercoaster ride of the last two-plus years.”—Danny Sullivan

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