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Cannabis moved closer to being treated as a tradeable commodity like wheat or oil on Tuesday as a U.S.-based group launched the first benchmark price to track Canadian wholesale cannabis prices.

New Leaf Data Services LLC CEO Jonathan Rubin, who runs the parent company of Cannabis Benchmarks which already lists U.S. pot prices, said the demand for a Canadian benchmark became clear after Canada became the first developed country to legalize the drug.

Cannabis Benchmark calculates the prices from an undisclosed number of part-time reporters that includes growers and dispensary owners, as well as industry associations who submit their cannabis prices to a team of analysts.

The goal is to eventually publish prices daily, and perhaps even in real-time if a liquid, tradeable market for cannabis develops. The benchmark could also include prices listed by province and quality, similar to how wheat trades on Winnipeg and Minnesota commodity exchanges.

For the week ending December 14, the company's Canada Cannabis Spot Index was $7.79 per gram, up 0.8 per cent from the prior week and up from $7.47 per gram on Oct. 19, when the benchmark was first calculated, according to data provided to BNN Bloomberg. The price range over the past two months has fluctuated between $6.66 and $8.23 per gram.

Source: https://www.bnnbloomberg.ca/canadian-cannabis-spot-price-launched-with-futures-trading-eyed-1.1184953

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