US (OR): Cannabis supply overpowers demand, leaving many hemp retailers to lower prices

Due to a supply and demand issue, retailers and harvesters in Oregon’s once-booming cannabis industry are starting to see a decline in prices.

The Oregon Liquor and Cannabis Commission reports that in October 2021, nearly $94 million went to the state’s cannabis industry. That number dropped in October 2022, with the industry receiving about $79 million in sales. 

This is also reflected in how many pounds of cannabis were harvested for the past two “Croptobers.” In October 2021, the OLCC reported 5.3 million wet pounds harvested by all producers. This year, that number fell to 4.1 million. 

“The September/October time frame is a harvest ‘window’ for outdoor cannabis grows in southern Oregon,” Mark Pettinger, spokesperson for the OLCC, said. “The actual harvest time is based on when cannabis farmers get their crop in the ground. Late rains pushed out the planting time this year. Also, the lengthy sunny and warm weather this fall probably affected decisions about when to harvest.”

But the weather isn’t the only factor that cannabis retailers and harvesters have to take into consideration. According to Pettinger, the pandemic also had a great impact on the market. 

Read the entire article at Koin O6

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