DENVER — Comprehensive Cannabis Consulting (3C), the leading consultancy and think-tank for the Cannabis Industry, and author of the industry leading Cannabis Benchmarks® report, predicts that regulatory compliance – specifically quality control and safety testing – in Colorado and Oregon will knock significant amounts of cannabis out of circulation due to noncompliance for contamination and pesticide residues.
3C, via the Cannabis Benchmarks® report, assessed the US Spot Price at $1,918 for the week ending March 11, but our Implied Forward Curve projects the national Spot Price to rise as high as $2,150 in July and $2,250 in August, based both on new testing regulations and seasonal summer shortages.
“These regulatory changes are coming to markets that have not previously required testing for quality and safety in a meaningful way,” says Nic Easley, CEO of 3C. “Oregon is requiring all labs to meet the same certification standards and will test for 59 separate pesticides that are known to be used by cannabis growers starting in June.”
“Colorado’s medical cannabis market will be subject to quality-control testing beginning in July for the first time since its inception over 5 years ago,” says 3C’s Chief Cultivation Officer, Adam Koh. “Colorado medical growers and infused product manufacturers will be required to test their products for microbial contamination, molds / mildews, and residual solvents. The state is also working on enhanced pesticide testing protocols for the industry, but a firm date for the release and implementation of that program is not yet set,” says Koh.
“While Washington State is not implementing similar reforms at this moment, it is likely that regulators will look to tighten lab oversight in the future in order to ensure safe, quality cannabis for medical patients and adult-use consumers; especially considering recent developments that have called the accuracy of testing results in the state into question,” says Easley.
“Overall, growers and infused product manufacturers will do well to examine their processes and products to make sure that they can stay compliant as regulations become stricter,” says Koh. “3C is happy to assist growers and manufacturers address this problem in order to help the industry while keeping consumers safe,” said Easley.
3C has written a position paper on pesticide use in cannabis production, which is available for free download at: http://3ccannabis.com/our-work.html. Additionally, Easley is available for press interviews regarding the cannabis industry.
3C is the leading Cannabis and Hemp Industry consulting & strategy firm, and has successfully helped over 60 agricultural, industrial and retail clients increase revenue, decrease costs, and increase output, resulting in increased shareholder value. Nic Easley, CEO of 3C is an industry thought leader and is frequently asked to keynote important cannabis industry conferences as well as contribute to leading industry publications.
SOURCE Comprehensive Cannabis Consulting