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US: Cannabis oversupply in Oregon, price and demand declines

The Oregon Liquor & Cannabis Commission (OLCC) recently released sales data for November. According to OLCC, licensed retailers generated over $86.4 million in revenue last month, down by 7.9% from over $93.8 million in October 2021. November sales are down 4% year-over-year, from nearly $90 million in November 2020.

November is the fourth month in a row of lower monthly cannabis sales figures in Oregon and lower monthly average spot and outdoor prices are a factor. The average Oregon spot price in November 2020 was $1,391 per pound versus $1,105 in November 2021, a difference of $285 per pound year-on-year. November’s price for outdoor flower has dropped over 43% year-on-year.

The OLCC reports monthly harvest figures fell from October’s 5.54 million pounds of wet weight to 820,175 pounds as the harvest wrapped up in November, an 85% decrease month-on-month. Year-on-year, November 2021 wet weight is up nearly 9% from 752,609 pounds in November 2020.

The Oregon oversupply situation has been exacerbated by a 54.6% increase in outdoor-grown product in 2021. To date in 2021, outdoor growers have produced 6.4 million pounds of wet weight product versus all of 2020, when 4.1 million pounds of outdoor wet weight was harvested. At this rate of production there is no successful exit door for the Oregon market except for the one marked federal legalization.

Indoor production figures show a 20.6% increase year-on-year. Mixed-light production – greenhouse and light deprivation – show a rather restrained increase of 4.5% from 2020 to 2021.

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