{"id":44761,"date":"2019-03-20T20:18:51","date_gmt":"2019-03-20T20:18:51","guid":{"rendered":"https:\/\/merryjane.com\/california-is-growing-so-much-weed-that-the-market-might-go-up-in-smoke\/"},"modified":"2019-03-20T20:18:51","modified_gmt":"2019-03-20T20:18:51","slug":"california-is-growing-so-much-weed-that-the-market-might-go-up-in-smoke","status":"publish","type":"post","link":"https:\/\/merryjane.com\/news\/california-is-growing-so-much-weed-that-the-market-might-go-up-in-smoke\/","title":{"rendered":"California Is Growing So Much Weed That the Market Might Go Up in Smoke"},"content":{"rendered":"

Too much weed? Is that even possible? According to a new report out of California, yes. In fact, the state may be growing so much weed it could tank the state\u2019s fledgling adult-use cannabis market.<\/p>\n

The report comes from San Francisco\u2019s Vessel Logistics, a cannabis distributor. It claims California\u2019s pot farms can crank out 9 million pounds of weed annually. But the state\u2019s wholesale market caps out at about 2 million pounds.<\/p>\n

That leaves 7 million pounds of chronic collecting dust on shelves \u2014 or getting diverted to the black market. However, with more cultivators required to work through the state\u2019s seed-to-sale tracking systems, diversion may be less of an issue. The bigger issue is oversupply, which can cause prices to plummet far below the cost of production. And that leads to financial losses across the board.<\/p>\n

\u201cWill this cause another \u2018extinction event? Absolutely,\u201d Jacqueline McGowan, a cannabis lobbyist, told the Sacramento Bee<\/em><\/u><\/a>. \u201cBut will it cause the industry to collapse? No, it will not.\u201d<\/p>\n

\u201cExtinction event<\/u><\/a>\u201d refers to sweeping business losses and closures caused by over-regulation.  The first extinction event took place January 1, 2018 when California first launched recreational cannabis sales. At the time, the state experienced an undersupply of cannabis, leading to dismal sales. The second extinction event happened in July of that same year, when new testing requirements effectively barred the sales of millions of dollars\u2019 worth of untested or previously tested products.<\/p>\n

Cannabis surpluses aren\u2019t new, either. Last year, Oregon growers produced a 1.3 million pound surplus<\/u><\/a>, the equivalent of about one billion joints. Oversupply forced a dip in prices, where a gram of weed went for less than a dollar. That\u2019s less than the price-fixed amount set by the nation of Uruguay, the first country to legalize cannabis.<\/p>\n

The oversupply issue in Oregon has state officials worried it could trigger a federal crackdown. To remedy the surplus, the state drafted new rules on cannabis cultivators and licensing. Legislators also proposed a bill allowing Oregon to ship its weed across state lines to neighboring legal states like Washington or California \u2014 although it now appears California won\u2019t need Oregon\u2019s extra weight.<\/p>\n

By the looks of things, California\u2019s oversupply problem may turn out worse than Oregon\u2019s.<\/p>\n

What can be done? Growers can start by producing less weed. Obviously, that may not be ideal for the farmers\u2019 bottom lines, but there may be no bottom line if there\u2019s no market<\/u><\/a>.<\/p>\n

Follow Randy Robinson on <\/em>Twitter<\/em><\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Golden State may soon become flooded with too much of a good thing. And that\u2019s a bad thing.<\/p>\n","protected":false},"author":2,"featured_media":44762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3036],"tags":[],"acf":[],"yoast_head":"\nCalifornia Is Growing So Much Weed That the Market Might Go Up in Smoke - Merry Jane<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/merryjane.com\/news\/california-is-growing-so-much-weed-that-the-market-might-go-up-in-smoke\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"California Is Growing So Much Weed That the Market Might Go Up in Smoke - Merry Jane\" \/>\n<meta property=\"og:description\" content=\"The Golden State may soon become flooded with too much of a good thing. 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