SALEM, Ore — For the second year in a row, Oregon cannabis farmers have harvested more than a million pounds of usable marijuana.
The huge harvest (more than 453,592 kilograms) is again driving down prices for consumers and putting pressure on growers who aren’t getting the price they hoped for after a similar phenomenon in 2017, The Bulletin reported Thursday.
Oregon’s cannabis market is limited to sales within the state’s borders, yet the state of about 4 million people has 1,107 licensed active producers and another 900 producers seeking licenses from the Oregon Liquor Control Commission.
There is also no cap on the number of licenses issued by the state, but the commission did place a temporary freeze on new applications last summer to try to address the glut.
“Everyone is concerned about this,” said Adam Smith, Craft Cannabis Alliance executive director. “You’ll see people going out of business in the spring when it’s planting time. There are far too many in the industry in distress. No one is making money here.”
Growers harvested more than 2.5 million pounds of cannabis in October. Of that so-called wet harvest, 1.3 million pounds of usable marijuana was logged into the Oregon Liquor Control Commission’s cannabis tracking system as of December, according to the agency’s latest report .
In 2017, the fall harvest reaped about 1 million pounds of usable marijuana.