The state’s $1-billion cannabis market is attracting a lot of attention from around the world
2020 saw Oregon’s cannabis industry grow 40%, reaching above $1 billion in sales. That type of growth is bound to attract attention and it has. As the market matures, Oregon’s cannabis ecosystem is beginning to draw investors and entrepreneurs from around the world, including from far-away places like Russia and the middle of Africa.
Curaleaf, based in Massachusetts, just wrapped up its purchase of Oregon’s Cura Cannabis, for which it paid $1 billion, thanks to a Russian billionaire. This is just one example of more deals that are expected to arrive in Oregon this year, especially if federal laws regarding cannabis change.
According to Oregon State University professor Dinnin Huff, “There really isn’t a playbook for what companies should be doing. But they’re trying to forecast and trying to situate themselves in the best place possible to hit the ground running and succeed if and when the market opens at the national level.”
Oregon’s wholesale and retail prices have jumped over 150%, with a pound of outdoor-grown flower now costing around $800. Nectar, a dispensary chain in the state, now has 20 stores and wants to add more this year, a demonstration of how quickly the state’s market is growing. It also wouldn’t be surprising to find Nectar become a target of acquisition.
2021 should be a banner year for cannabis across the company, but especially in those states that have mature, developed industries like Oregon. It was one of the first to get involved in the legal cannabis business and is now reaping the benefits of its foresight.