The wholesale price of cannabis continues to spike in a major way in Colorado and will hit a three-year high in January, state officials say.

The median price of a pound of marijuana buds sold or transferred to a retail store from a growing facility was $1,316 between Aug. 1 and Nov. 30the Colorado Department of Revenue announced Monday. That figure will serve as the average market rate of wholesale bud for the first three months of 2020, a number the state uses when collecting its 15% excise tax on sales and transfers between grows and stores.

It is almost 32% higher than the average market rate being used for the final three months of this year, $999. That’s the largest single-quarter price increase in the history of the state’s recreational marijuana program. It’s also 68.5% higher than the average market rate that took effect Jan 1. 2019, then just $781 per pound.

Overall, the average wholesale cost per pound of retail marijuana has risen for five consecutive quarters. The $1,316 per-pound rate is the highest average market price the state has seen since January 2017 when it was $1,471. It’s the first time the price has been over $1,000 since April 2018, state data shows.