• Marijuana price in Colorado surging
  • Price increase noted in five consecutive quarters
  • Trade show MJBizCon upbeat on cannabis outlook

Marijuana price in Colorado has risen sharply and those of buds are at a three-year high, according to state officials.

On Monday, the Revenue Department of Colorado announced that the average market rates for marijuana shot up in six out of seven segments.

Accordingly, the price per pound of marijuana sold to retail stores surged to $1,316 between Aug. 1 and Nov. 30, the Department said.

This per-pound rate is the highest average market price the state had since January 2017 when it hovered at $1,471, the Denver Post reported.

The stats on price movements quarterly were taken for levying the state’s excise tax. A next data calculation will take place in the quarter beginning April 1.

The average market rate of wholesale bud will be the basis for the first three months of 2020 on which state collects 15 percent excise tax on sales and transfers between growth centers and stores.

The data noted the base rate spiked 32 percent more than the average market rate in the last three months from $999.

It is the largest single-quarter price increase in the history of the state’s recreational marijuana and up 68.5 percent from the average market rate of $781 per pound effective Jan 1. 2019.

According to official estimates, the average per pound cost of retail marijuana rose consistently for five consecutive quarters.  But it is the first time the price crossed $1,000 since 2018 in the home state of Denver Broncos, the data revealed.

Meanwhile, the biggest trade show of the cannabis industry got over in Las Vegas. MJBizCon was slick and professional, CNN reported.

It was a stark reminder that the sector has cast off stereotypes and adopted traditional business approaches. The trade show had the message that cannabis is big business, the report added.

There were more than 35,000 participants from 75 countries in the three-day conference at the Las Vegas Convention Center.

Among the 1,300 exhibitors, CBD or cannabis compound cannabidiol products dominated.

MJBizCon attendees exuded the optimism that the industry's future is bright especially when indications are out that many states are keen to legalize and will open up billion-dollar markets.  Marijuana plants grow at a dispensary in Los Angeles Marijuana plants grow at a dispensary in Los Angeles Photo: AFP / Robyn Beck

But there was some caution about the North American cannabis industry as the U.S. national cannabis legalization was not in sight.

Currently, the market size of the U.S cannabis industry is worth $7.3 billion and may touch $24.5 billion by 2020. Although there is a feel of gold rush tons of challenges too exist in the path to profitability, per the latest news.