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Cannabiz Media has worked with Wells Fargo’s equity research team to conduct one of the most comprehensive outreach programs to cannabis growers. We contacted thousands of growers to develop a list of approximately 500 licensed cannabis growers in six states. They were contacted by e-mail and telephone surveys.
The main conclusion for Wells Fargo is that “this recovery will take longer” and has implications for the hydroponics sector for the second half of 2022. Wells Fargo downgraded Scotts Miracle Grow shares to equal weight and lowered the price targets on Grow Generation and Hydrofarm Holdings Group.
- Falling prices are causing the most frustration for growers
- 62% of growers feel “bad” or “terrible” about their current markets.
- 27% of respondents said they were planning a partial or full exit.
- Growers indicated that they planned to buy soil (61%) and nutrients (73%), but only 32% planned to buy lighting.
- Sentiment is low across the board with some variation by state.
- Most growers don’t expect things to improve in the short term.
We’ve highlighted some of the full report’s 129 pieces focusing on sentiment, exit likelihood, and top causes of frustration. You can download the full report here.
We conducted a survey program with thousands of growers, ultimately connecting with 490 licensed cannabis growers in six key US states including California, Colorado, Michigan, Oklahoma, Oregon and Washington.
The survey was conducted via email and direct call from January to May 2022 and across a wide range of grow environments (indoor, outdoor, greenhouse, etc.) and grow sizes (several hundred square feet over 100,000 square feet). ).
Of the total 490 responses received, 145 were from California, 17 from Colorado, six from Michigan, 209 from Oklahoma, 51 from Oregon and 62 from Washington – representing the largest cannabis markets today.
You can download the full report here.
We will continue to survey growers in the coming months to see how their outlook and economics evolve. This initial survey provides a solid foundation for future longitudinal studies.
Ed Keating is co-founder of Cannabiz Media and oversees the company’s data research and government relations efforts. He has spent his career working with information companies and advising them in the area of compliance. Ed has managed product, marketing and sales while overseeing complex multi-jurisdictional product lines in the securities, corporate, UCC, safety, environmental and human resources markets.
Cannabiz Media customers can keep up to date with these new licenses and other news through our newsletters, alerts and reporting modules. Subscribe to our newsletter to get these weekly reports delivered to your inbox. or you can schedule a demo for more information on how to access the Cannabiz Media License Database yourself to dig deeper into this data.
Cannacurio is a weekly column from Cannabiz Media featuring information about the most comprehensive licensing data platform. Find Cannacurio posts and podcasts for the latest updates and information.
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