The sun is rising on the cannabis industry in the United States. Cannabis is now fully legal in ten states: Maine, Vermont, Massachusetts, Michigan, Washington, Oregon, California, Nevada, Colorado, Alaska, and the District of Columbia. With widespread legalization, the cannabis industry is growing rapidly. Despite its speedy growth, there are two major roadblocks that the cannabis industry faces. Energy costs and limited backing from traditional banks hinder the industry's further expansion.
Although marijuana is fully legal in some states, and legal for medicinal purposes in many others, it is still illegal at the federal level, so most traditional banks are reluctant to do business with green-thumbed entrepreneurs. This lack of conventional backing makes it difficult for the cannabis industry to reach its full potential. This also leads to most cannabis operations being flushed with cash, but without a secure place to put it.
Cannabis cultivation facilities require vast amounts of energy to produce their crop. In fact, the industry uses the equivalent of $6 billion of electricity. This energy use accounts for roughly one percent of all electricity consumption. Indoor grow operations need electricity to power their lighting, ventilation and dehumidification, cooling, CO2 injection, water management and cooling, and space heating. It is an extremely energy intensive process, and Breiter Planet Properties can help.
At Breiter Planet Properties, we pride ourselves in being savvy solar project developers. When property owners face obstacles with going solar, we are here to provide solutions. A great place to invest excess cash is into electricity generating assets. Owning a solar system allows for predictability and control of electric costs, while also building up a sustainable brand. Check out Cannabis + Solar website for a deeper look.
With progressive policies in place, solar plus cannabis will thrive. In some of our past blogs, we investigate and explore the programs that move the industry forward: Northeast States Solar Plus Storage , Required Rooftop Solar for State Run Buildings in MA , and Solar Mandate for New York Real Estate Owners.