California cannabis distribution company introduces new cannabis auction platform

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The platform is open to licensed businesses looking for wholesale cannabis

The licensed full-service cannabis distribution company, Gold Country Growers, recently announced its launch of a compatible inventory liquidation and auction service for cannabis businesses. The Nevada City, CA-based company said this will be made possible through the launch of the Cannabis Auctions web platform and will be available to licensed businesses in the state.

According to the announcement, this platform will bring the auction format of buying and selling to the legal cannabis industry for the first time in history. California is known for being a state where many innovations related to the cannabis industry have been developed, and this is a clear example.

Through Cannabis Auctions, businesses (as long as they are properly licensed) now have the opportunity to buy, bid, and sell all types of cannabis at wholesale. Registration of sellers and bidders is now available and auctions are being handled in real-time.

This isn’t the first time a cannabis auction has been held, but it is the first time a dedicated online platform has been created for the activity. New York has held auctions regularly, with the first appearing in 2019. That auction sold nearly 20,000 pounds CBD (cannabidiol) flower, CBD biomass in 100,000-pound increments, pre-rolled CBD joints, CBD isolates per kilo and other CBD products.

Distributors, processors and retailers were able to buy the above-mentioned hemp sub-types wholesale or in bulk at a significantly lower price than retail. As the cannabis industry continues to develop and some states find they have a surplus, they, too, will create opportunities similar to these.