As the cannabis industry continues to rapidly evolve, it may seem difficult to implement a strategy that incorporates solutions for potential problems down the road ahead. As the CEO of GrowLife, one of the nation’s most recognized indoor cultivation product and service providers, it is my duty to stay on top of industry trends. It became apparent a few years ago that the issue of an oversupply of cannabis was looming on the horizon. And that’s why we created GrowLife Innovations, a special division of the company that is responsible for product innovation, R&D and design in order to help cultivators stay competitive in their respective markets while continuing to produce high quality products.
Today, oversupply in the market is no longer just a prediction – it’s a reality:
The leading State of Colorado is experiencing premium flower sales under $800 per pound and in Oregon, wholesale prices for trim and outdoor-grown marijuana flower sold to processors for oil have dropped to as low as $50 a pound. According to one industry insider, prices have undergone at least a 50% annualized drop over the past two years — all because of a massive product surplus.