An overabundance of cannabis sent wholesale prices into a free fall
The price of a pound of legal marijuana plummeted in January, according to a new report tracking the commodity’s U.S. spot price index.
The first month of 2018 has been marked by uncertainty in the cannabis industry after U.S. Attorney General Jeff Sessions rescinded Obama-era guidance on marijuana enforcement. But analysts at Cannabis Benchmarks, an independent price reporting agency, said that the policy shift has not yet had a major impact on legal cannabis prices nationwide. Instead, an overabundance of cannabis sent wholesale prices into a free fall, the firm reported.
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.
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