If you are in the cannabis community, especially in a state that has a great outdoor growing season, then you’ve probably heard about Croptober. Cannabis harvests occur at the end of October and the beginning of November, greatly increasing the supply of cannabis on the market (both regulated and illicit). David Downs covered the #Croptober phenomenon for Leafly
We’re in a time of intense change and turmoil in cannabis agriculture. Industrialization and commercialization is catching up with cannabis, after 80 years of stasis under prohibition. Prices continue to fall nationwide, far off peak prices under prohibition. New harvesting methods involving mechanization or refrigeration have moved out of R&D and into the fields. Ways of life are changing before our eyes. For example, whole pounds of cannabis are set to hit $600 in Oregon, a price drop of 66% in just two years.
“Croptober can be a difficult time for regulated businesses as prices drop to all-time lows,” said Anthony Johnson, a cannabis industry leader in Oregon. “For consumers and connoisseurs, Croptober is a cannabis paradise. For patients, Croptober can be a literal lifesaver.”
Indeed, a bumper crop of early outdoor cannabis is hitting shelves, offering shoppers a price relief before even bigger cannabis market gluts and price discounts by Christmas.
Downs’ in-depth piece on Croptober is certainly worth reading. Like I told Downs, Croptober is both a blessing and a curse, depending on your position in the cannabis industry and community.
Oregon is already a cannabis consumer’s paradise with a huge supply, and this Croptober is likely to bring about the lowest prices in the nation. While Croptober is amazing for consumers, it can be rough for licensed businesses, who may already be struggling with their profit margins. However, the deals that businesses can provide open up marketing opportunities that can increase market share.
While you enjoy the bounty in states like Oregon, please remember to support local craft businesses and patients in need. While regulations and business obstacles can be a headache, folks in legal states should do their best to appreciate the benefits of legalization and the fact that we are helping end prohibition across the nation, and even around the world. Happy Croptober, everybody!
Stay on top of all things cannabis and network with top investors, entrepreneurs, and advocates at the upcoming International Cannabis Business Conference in San Francisco on February 7-8, 2019. Get your early-bird tickets by January 18th to save!