LegalNews

24/7 Wall St.: Pot Prices Rose 5{f1d755e3d686d84b3fba3fb9da3bc25d6eb08724c18385fd50146d58c836a6dd} Last Week

According to the latest numbers from 24/7 Wall Street, the spot price index for a pound of cannabis rose to $1,718, up about 4.4{f1d755e3d686d84b3fba3fb9da3bc25d6eb08724c18385fd50146d58c836a6dd} from $1,646 a pound in the prior week. The futures price for December 2015 rose from $1,175 a pound last week to $1,250.

According to Wall St. 24/7, the drought in California is one of the factors that could cause issue’s for this fall’s harvest. Creeks that growers have been using to avoid water restrictions in the state are beginning to run dry and the state is implementing regulations that will allow officials to monitor water use.

In Colorado, the governor has ordered state health officials to establish new guidelines for doctors who recommend cannabis to treat “severe pain,” which is the condition 93{f1d755e3d686d84b3fba3fb9da3bc25d6eb08724c18385fd50146d58c836a6dd} of individuals in the state report in order to get a medical marijuana card. Stricter guidelines could move 100,000 medical marijuana users to the recreational market, which would have a major effect on raising prices.

According to PriceOfWeed.com, the average price for an ounce of high-quality marijuana in Colorado is currently $241.18, up seven cents from last week. In California the price of high-quality marijuana is given as $241.94 (up four cents), compared with $297.03 (down 10 cents) in Florida, $317.05 (up two cents) in Georgia, $326.14 (up six cents) in Texas and $231.61 (up six cents) in Washington.

SOURCE

Show More

Richard Lowe

Richard Lowe is a 14-year veteran of the financial sector with licenses as a commodity broker (Series 3) and investment advisor representative (IAR Series 65). Along with a focus on raising capital for the firms he was employed with, he also wrote and edited much of the content published by them. He holds a BA in Journalism from the University of Massachusetts. He has been a longtime advocate for marijuana legalization due to the social injustices associated with marijuana prohibition and the strong potential for the medicinal benefits of cannabis.

Related Articles

Leave a Reply

Back to top button
Close
Close