Biomass Spot Pricing:
The price of biomass across the three PanXchange benchmarks (Colorado, Kentucky, and Oregon) has continued to decline on a month-over-month basis, largely due to the outdoor growing season’s flood of supply into the market. For November, biomass transacted in the range of $0.80 to $1.40 per percentage point of CBD content per pound (/point). This is compared to October, which saw the general biomass market transact in the range of $1.61 to $2.71 per percentage point of CBD content per pound (/point.) Although the posted low for the Kentucky benchmark in November is $0.80/point, there were transactions even lower at local auctions such as those in Tennessee and Indiana earlier this month. Buyers were few and far between at both events and prices were not included in the index since they were not indicative of the market, but rather arbitrary sellers who needed to move product (or not return home with it). Additionally, these auctions included various small and off-spec lots that are not concurrent with the PanXchange benchmarks.
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