Powering the Energy Intensive CEA Cannabis Segment
- Jan 20, 2019 11:41 pm GMT
This item is part of the Special Issue - 2019-01 - Predictions & Trends, click here for more
Why should utilities be concerned about cannabis production in the Unites States? Cannabis agriculture is a multi-billion dollar industry in the United States that is changing rapidly with policy liberalization. At this time, more than 60% of the US population have access to cannabis as 33 states (including the District of Columbia and the territories of Guam and Puerto Rico) allow medical use of cannabis by individuals with a doctor's recommendation. The recreational use of cannabis is also gaining momentum, as it is now legal in ten states (Alaska, California, Colorado, Maine, Massachusetts, Michigan, Nevada, Oregon, Vermont, and Washington) and the District of Columbia. Concurrent with this growth in cannabis access is decriminalization of cannabis in another 13 states plus the U.S. Virgin Islands. The level of US consumption has grown dramatically from approximately $5.5B sales in 2015 to $7.5B in 2017 and almost $11B in 2018. The forecast for the future shows an even more dramatic increase with estimates of sales volume of $20-25B in 2025 and up to an astonishing $75B by 2030. These estimates may appear to be “pipe dreams” of growers but are in fact drawn from research and other agencies including the Wall Street Journal, Bloomberg, and the California Department of Food and Agriculture among others.
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