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Новости/Аналитика

Reasons for medical cannabis producers to reduce production capacity

09.03.2020

Growing hemp in open ground will significantly reduce production costs, and therefore this technology is more economically justified, which ultimately leads to the closure of a number of projects for the construction of greenhouse complexes. The fact of overproduction at a particular point in time was observed, which in turn cannot but be reflected in changes in the market position

The Canadian cannabis company Canopy Growth in early March of this year made a statement that it would be forced to not only reduce production, but also consider reducing the number of full-time employees. This primarily concerns production facilities located in British Columbia (province of Canada), where the company has about 28 hectares of greenhouses. The suspension of the construction of production facilities in the company is primarily associated with the loss of significant financial resources invested in the expansion of greenhouse complexes, the need for which is sharply reduced due to changes in federal legislation regarding the permission to grow hemp, which has significant therapeutic potential in open ground. Industry analysts also note that almost 17 months after the establishment of the legal medical cannabis market, the modern hemp breeding industry in Canada is developing more slowly than expected, creating problems with working capital and profitability for investors. 

Canopy Growth's greenhouse facilities under construction in British Columbia account for more than half of Canada’s total production capacity. Her management understands that the cultivation of hemp in open ground will significantly reduce production costs, and therefore this technology is more economically justified, which ultimately leads to the closure of a number of projects for the construction of greenhouse complexes. 

Analysts at Jefferies finance company estimated Canopy's green mass production at 500,000 kg and sales contracts at around 200,000 kg. The fact of overproduction at a particular point in time has been observed, which in turn cannot but be reflected in the change in Canopy Growth's market policy. That is why Canopy shares after the announcement of reductions and suspension of the implementation of a number of investment projects fell by 4%.

Commentary by the Ukrainian Technical Hemp Association

Canopy Growth is not the only medical cannabis company to reduce labor used for work, and not just because Canada's legal industry of modern hemp breeding is trying to compete with an entrenched, unlicensed (illegal) market. Tilray, Aurora Cannabis, Flow Kana, Caliva and other global hemp industry leaders announce layoffs and partial reduction of their production capacities, suspension of the development of a number of investment projects, as well as the initiation of other measures aimed at reducing “non-core company expenses”. This trend indicates a banal crisis of overproduction, which in 2020 will affect the redistribution of shares of individual companies on the global map of modern hemp breeding. 

The fundamental foundations of modern hemp breeding are taught by the highest-level specialists at the “Hemp University”, and a rather long period of work with national hemp breeders indicates that for the most part there are isolated cases where the hemp companies' leadership have or at least develop any strategies for their development on the market . For the most part, the national agricultural producer, not understanding the basics of the functioning of the modern market for hemp breeding, comes into this business sphere opportunistically, without making any penetration into the economy or plant biology, makes elementary mistakes, suffers certain financial losses, wondering why modern hemp breeding is rapidly growing on economically developed countries develops, and on the black soil of Ukraine, national agricultural producers cannot get the profit that I am traditional in the field of industrial hemp farmers for Canada, the US, the EU and individual countries in the Asia-Pacific region.

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