Christmas came early for OrgHarvest! Their status as the first cannabis cultivation company to receive Reg A qualification from the Securities and Exchange Commission (and reportedly, with no comments!) is like an early gift from Santa Claus. This is a huge win for the company and the entire cannabis industry, especially at a time when the US government maintains a monopoly on growing the flower.
OrgHarvest plans to build the capacity to produce 450 pounds (more than a full oil drum) of cannabis flower per week, from the 100,000-square-foot glass greenhouse imported from the Netherlands. This setup enables OrgHarvest to have the potential to gross over $60 million after its second year of operation (if running at full production), produce better quality, pest-free flowers and develop new strains and products using their exclusive patented technology.
In June, Colorado’s first mover advantage paid off by hitting a historic milestone: becoming the first state to break the $1 billion mark in cannabis-related revenue. The state of Colorado achieved this record only 5 years after they legalized cannabis back in 2014.
Culture is changing
A huge cultural shift is underway as 28 percent of the American people now live in a state where cannabis is legal and 62 percent of Americans are in favor of legalization. The floodgate of Federal legalization seems like a matter of ‘when’ and no longer a matter of ‘if’ anymore. The news of the Church of England’s investment into cannabis kicks off the crop’s entry into the ethical investing category. The ripple effect of their investment will be felt for years and cultural perceptions around the cannabis flower continue relaxing. In addition to the Church’s changing stance, many senior baby boomers are adopting cannabis for medical reasons. Ten times more seniors used cannabis in 2017 than in 2007. It’s exciting watching cultural perceptions surrounding an industry break down; very similar to Prohibition.
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