Knowing the price of cannabis just got a whole lot easier.

BudTrader.com, the world’s largest online medical marijuana marketplace, has launched the first Real Time Price Per Pound Cannabis Commodity Index.

The index is the first of its kind to update cannabis prices in real time. The site’s million-plus users – who can post and respond to ads for cannabis products and services – will now be able to see the median price of a pound by state and nationwide thanks to the calculations of a proprietary algorithm.

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The Real Time Price Per Pond Cannabis Commodity Index is the first of its kind to update cannabis prices in real time

"Whether politicians or Wall Street guys like it or not, cannabis is a commodity, and it won't be long before it's traded publicly just like pork bellies, frozen orange juice and gold,” said BudTrader CEO Brad McLaughlin.

“The BudTrader Price Per Pound Index for Cannabis lets marijuana business owners, investors, growers and fund managers watch and even forecast market trends based on real-time prices.

"We are expecting sites like Yahoo Finance, Bloomberg, eTrade and more to all be displaying the Price Per Pound Cannabis Index in the near future.”