In most states, the cannabis industry has been growing in leaps and bounds now for several years, evolving rapidly more than the speed of cannabis cultivation. This is a good thing for many cannabis growers. It is essential then that growers stay on top of the trends that are popping up in the cannabis industry as it grows. In some states where cannabis cultivation is legal, the oversupply of cannabis appears to be looming in the future. For that reason, cannabis cultivation companies have to pay keen attention to product innovation to remain competitive in the industry and in specific cannabis markets and at the same time, continuing high-quality product creation.
Oversupply in the cannabis market has become a reality for many business owners. For example, the state of Colorado is considered to be in the lead when it comes to quality flower sales and yet oversupply has resulted in less than $800 per pounds. The state of Oregon is experiencing a drop in wholesale cannabis flower grown outdoors. It is less than $50 per pound. In the past two years, the price for cannabis flower has experienced at least fifty percent drop in annual sales. All of this has to do with the huge surplus of cannabis products.
When you look at the wholesale prices for cannabis flower, it shows that across the nation, it is crashing. In fact, the average price nationally was around $1,789 as reported in 2016. It also fell again in 2017, reaching $1,562. However, many experts believe that with the appropriate training, cultivation supplies and education, any cannabis cultivator can be successful and profitable. There are specific tips that will aid in better cannabis cultivation and we have documented them below for a more efficient and effective grow system.
There are more cannabis growers entering the cannabis market more than a year ago and that could also be one of the reasons why the market is so inundated. To reduce cost, growers should consider renting one space and utilizing it to cultivate and to accommodate the plant’s yield. One way to utilize the grow space is going vertical – using a vertical grow system that can fit more plants. You will be able to save more money by saving space.
Another way to utilize your grow space wisely is to cultivate your cannabis in an enclosed area such as a hydroponics lab or greenhouse. This will help you to avoid the risks associated with the natural surroundings. Cannabis cultivation does well indoors where the environment is more controlled. The grower won’t have to deal too much with pests and bacteria as is the case outdoors.
A lot of the energy that is wasted in a grow room results from fans, light fixtures and air conditioning unit. This is especially true if your cannabis cultivation occurs in warm climate. This can rack up the cost in no time since you have to keep the grow room at a certain temperature for a specific period of time each day. Experts suggesting using wall tiles that will absorb the heat.
As a cannabis grower, you need to have some flexibility for expansion when it is necessary. However, this might force you to seek additional funding, but before doing so, it is best to take a close look at the cannabis market conditions first. You should consider the vertical grow system if you decide to expand because it will reduce your cost. Keep planning ahead, but try to do things in a scaleable fashion.