Marijuana farmers in the state of California revealed that the weather during this year’s growing season was favorable, which may improve yields and in turn, prices.
Judi Nelson, co-founder of Sol Spirit Farm, revealed that the summer was good for them, noting that moisture from spring rain prevented wildfires. The overall threat of wildfires was low this year for cannabis farmers, which allowed them to focus on their crops more. In the last couple of years, these fires have greatly impacted farmers, with some experiencing extensive crop loss.
Flower from Sol Spirit is primarily sold in the firm’s compostable packaging, which Nelson reveals tells their story. The farm’s plants are certified regenerative, which permits the firm to price its flower higher than other brands.
There are tiers to sun-grown cannabis products; top shelf, mids and mass-produced. Most of the products that come from California’s Emerald Triangle are top shelf.
Sol Spirit flower is priced almost 3.5 times more than mass-produced flower because of the time the firm puts into its product as well as product quality. Marijuana cultivated in the sun is said to have an earthy aromas and rich terpene profiles, which enthusiasts note are more natural in comparison to strains cultivated indoors.
Nelson believes that prices for craft flower will increase especially as some players exit the market, noting that consumers want high quality flower that’s not been exposed to any impurities.
Nya Hessler of Amaranth Farms expects that despite an abundance of craft marijuana flower in the market, product will be going for roughly $500 per pound. While this is good, taxes for sun grown marijuana remain high.
Ironside Gardens owner Peter Maric has proposed that excise tax for all sun grown products be reduced to 5-7%. This comes after an announcement was made that marijuana excise taxes would increase to 19% from 15% in 2025.
Following the pesticide scandal that occurred earlier in the year, demand for sun-grown marijuana is also expected to increase. To prevent lower demand from consumers, some brands have eliminated the use of organic pesticides in their operations. Autumn Brands, based in Carpinteria, is one of these brands. The firm has fully transitioned to an all-natural marijuana pest management system that uses ladybugs native to the state.
This comes after it also threw away thousands upon thousands of cannabis plants that had been sprayed with organic pesticides after research demonstrated that these chemicals were harmful when heated.
Industry actors and allied players like Innovative Industrial Properties Inc. (NYSE: IIPR) are glad that there is some good news coming out regarding the cannabis industry in California since several challenges, such as high taxes, have been weighing down licensed players in that jurisdiction.
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