Seventy-eight listings. Roughly 7,200 pounds. The heaviest month this board has recorded, and both categories that set the tone gave ground to get there: indoor down 9%, greenhouse down 6%.
That's a harvest window doing what harvest windows do. The number worth your attention isn't the drop. It's the spread between indoor and greenhouse, which has been narrowing all year and narrowed again in July, and the fact that buyers are already leaning toward the cheaper side of it.
TL;DR
Indoor Bigs averaged $782/lb, down 9% on the month. Greenhouse Bigs averaged $401/lb, down 6%, but still 10% above its twelve-month average and roughly 30% above where it traded last fall. The indoor-to-greenhouse spread has compressed from 2.26x on the year to 1.95x. Greenhouse also drew the most buyer interest of any category, converting 9.5% of views into inquiries against indoor's 6.6%.
Record Supply, Softer Prices
One thing to be clear about, because a lot of published cannabis pricing isn't: these are asking prices. They're what sellers listed at, not what lots closed at. Final sale prices in wholesale are private and usually lower. Read this as the top of the negotiation, not the end of it.
Supply is what moved these numbers. Listings are up in five of the last six months, and July jumped 39% over June.
Indoor - Bigs
Indoor had its heaviest month yet: 39 listings from 11 sellers at $782 a pound, down from $863 in June and about 5% under the twelve-month average of $820. It's the softest indoor print since March, still inside the $738 to $871 band the category has held all year.
Average lot size shrank, 39.1 lbs against June's 47.1. The record count didn't come from a few big drops landing at once. It came from more sellers posting more individual lots.
Indoor sellers are also the most reluctant on the board to move on price: roughly 3% of indoor listings have logged a price drop, against about 30% in Light Assist. In a month with record indoor supply and middling buyer engagement, that's a stance worth reconsidering.
Greenhouse - Bigs
Greenhouse is where the supply surge was sharpest and where the demand was. Listings doubled from June, 21 against 10, from 12 sellers rather than 5. Average lot size doubled too, 62.9 lbs to 123.0 lbs. Textbook light-dep timing.
Price landed at $401, down 6% on the month and 12% off the May peak of $458. But greenhouse traded between $288 and $333 all last fall and has held $388 to $458 every month since March. A 6% pullback gives back a sliver of a 30% run.
The spread tells it better. Indoor has averaged 2.26x greenhouse across the tracked period. In July it was 1.95x, a $381 gap against June's $438. Greenhouse has been taking ground on indoor all year, and buyers are following it there rather than lagging behind. If you're building a menu to a price point, that gap is now narrow enough to re-run your math on.
Light Assist - Bigs
The caveat comes before the number here. Price fell almost 20%, $552 to $443, but off 8 listings from 2 sellers, down from 14 listings and 7 sellers. A price built on two sellers isn't a market read.
Buyers went quiet alongside them: the weakest inquiries per listing of any established category in July, after posting the second-strongest engagement on the board in June. Both sides went dormant at once, which is a different thing than a category repricing. Whether sellers come back in August is the question.
Everything Else
Outdoor held at $250 on two listings, mid-range for where it's sat since winter. Indoor Smalls posted 5 listings at $585, Greenhouse Smalls 2 at $313, and Trim exactly one at $25. Thin enough that none of it carries a trend, though trim has now held the $15 to $35 range all year regardless of lot size.
Who's Actually Buying
An inquiry here means someone clicked the message button on a listing. We don't read the messages, we just count the knocks on the door. And plenty of wholesale still moves by phone, text, or handshake, none of which we can see. So this is a floor on buyer interest, not the whole of it.
What it does measure cleanly is how categories stack up against each other in the same month, on the same terms. Tracking started in mid-March and counts accumulate over a listing's life, so we compare categories within July rather than month to month.
| Category | Listings | Views / Listing | Inquiries / Listing | View → Inquiry |
|---|---|---|---|---|
| Greenhouse - Bigs | 21 | 26.6 | 2.52 | 9.5% |
| Indoor - Smalls | 5 | 26.6 | 1.40 | 5.3% |
| Indoor - Bigs | 39 | 21.6 | 1.44 | 6.6% |
| Outdoor - Bigs | 2 | 21.0 | 1.50 | 7.1% |
| Light Assist - Bigs | 8 | 20.5 | 1.13 | 5.5% |
| Greenhouse - Smalls | 2 | 17.0 | 0.50 | 2.9% |
Greenhouse led on all three measures while carrying half of indoor's listing count, and it was the only category converting views to inquiries at a materially above-average rate. It did the same in June. Two months, same ordering.
Indoor is the mirror image: the most product on the board by a wide margin, middling attention per listing. A crowded category is not the same as a category with buyers in it.
What's Moving and Where
Lemon Cherry Gelato showed up more than any other strain this month, and it wasn't close, across both indoor and greenhouse listings alike. Los Angeles and the Bay Area accounted for most of the volume, which tracks with where buyer density actually is. The open question is whether other regions start posting as sellers get comfortable, or whether this market stays a two-metro story.
Seller count is the other thing worth flagging: greenhouse went from 5 sellers to 12 in a single month. New supply is coming from new names, not existing sellers scaling up.
The Seasonal Read
Twelve months of one board isn't enough history to know what a 6% pullback means. For that you need a longer benchmark, so here's the Cannabis Benchmarks national spot index through 2025.
| 2025 | Spot Index ($/lb) | MoM | 2025 | Spot Index ($/lb) | MoM |
|---|---|---|---|---|---|
| Jan | $888 | — | Jul | $1,100 | +6.4% |
| Feb | $923 | +3.9% | Aug | $1,135 | +3.2% |
| Mar | $1,011 | +9.5% | Sep | $1,055 | -7.0% |
| Apr | $936 | -7.4% | Oct | $1,200 | +13.7% |
| May | $944 | +0.9% | Nov | $1,120 | -6.7% |
| Jun | $1,034 | +9.5% | Dec | $1,093 | -2.4% |
This is a national number blended across every category, so at roughly $1,100 it sits above our indoor average and near triple our greenhouse. The levels aren't comparable and it isn't a target our numbers should match. It's a gauge for shape, and one year of it at that.
The shape: 2025 closed 23% above where it opened, with the low in January and a $1,200 peak in early October, 35% off that floor. Prices firmed through summer, then gave ground in November and December as outdoor volume landed.
Which puts our July in context two ways. Nationally, July 2025 was a rising month, up 6.4%. Our July fell. California light-dep harvest lands well ahead of the national outdoor cycle, so an earlier dip here is what you'd expect rather than a signal the market is rolling over. And on that 2025 pattern, the firmest pricing of the year came after this point in the calendar, not before it. One year is a shape, not a law, but it's the shape we have.
Into August
Greenhouse has the momentum. Best engagement on the board two months running, absorbed a doubling of supply, still holding most of a 30% annual gain, and closing on indoor. If one category reprices upward from here, it's this one.
Indoor's problem isn't price, it's positioning. Half the board's supply, middling buyer attention, and sellers who almost never adjust. In a record-supply month, the listing that doesn't move gets passed over by default.
The calendar is on your side, briefly. The national benchmark's strongest stretch historically runs from here into early October, before outdoor harvest arrives to pressure everything. That's the window.
We publish this every month from what's actually posted and actually clicked, priced and dated. It's a partial view by construction, one platform, one state's worth of weight, and a demand signal that can't hear a phone call. But it's a real one, and it beats taking a broker's word for the number.
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