Business
Cannabis growers report bumper harvest amid overproduction, low prices
Add the best outdoor marijuana crop in years to an already flooded market, and it’s like taking sand to the beach.
Cannabis cultivators across the United States are reporting this year’s fall harvest – known in the industry as “croptober” – produced a stellar crop thanks to favorable growing conditions and little to no adverse weather events.
That might sound good on the surface.
But with growers in states such as California, Colorado, Michigan and Washington already seeing rock-bottom wholesale prices, a flood of cheaper, outdoor-grown flower hitting the market in the coming months could push prices even lower.
“That was actually one of the cleanest air-quality years we’ve had. There’s going to be a lot of really good pot out there,” said Jeremy Moberg, a cannabis grower in Washington state.
“Probably going to add to the overproduction problems and woes that you’re hearing a lot about.”
Limited wildfire impact, no early freezes and warm days well into October all led to optimal growing conditions across the country.
“It’s been phenomenal,” said Van McConnon, a cannabis consultant based in Boulder, Colorado.
“As good as any harvest we’ve had in the last 10 years.”
One silver lining for growers in states such as California and Colorado is that the continuous low prices have caused some larger cultivators to opt out of planting and instead leave their fields fallow this year, reducing competition somewhat.
MJBizDaily spoke with cultivators and industry analysts in Michigan, Colorado, California, Washington state, New Mexico and Vermont to see how the fall harvest shaped up.
Here’s what they said.
Michigan
Michigan might not be the first state people think of when it comes to outdoor-grown cannabis, but that would be an oversight.
The state has more than a million sun-grown plants tagged in the seed-to-sale tracking platform Metrc, according to John McLeod, co-founder and head of markets at Cloud Cannabis Co., a vertically integrated marijuana company based in Troy, Michigan.
Growing conditions this year have been ideal for outdoor cannabis, he added. No natural disasters or extreme weather events to disrupt the harvest.
“Michigan has been able to do that very nicely. We have really good water. We have a really good summer grow season. “It’s pretty ideal weather for outdoor cultivation here.”
Yet prices for that sun-grown flower are on the lower end of the spectrum, according to McLeod.
And while this year has been a good growing year, that many plants being harvested for such low prices might lead some outdoor growers to scale back their production next year, he added.
“You might see (growers) that say, ‘Hey, look, growing a whole season outdoor and only getting $100 or $200 per pound, it really doesn’t average out at the end of the day,’” McLeod said.
Colorado
In past years, outdoor growers in southern Colorado have encountered early September freezes and snowstorms that caused millions of dollars in crop loss.
Other parts of the state have had to contend with wildfires and hailstorms.
But that largely hasn’t happened this year. Warm temperatures carried into October, and growers reported favorable conditions.
A strong crop means a lot of supply.
But McConnon said some of the larger outdoor farms with dozens of acres in production decided not to plant this year, so the smaller grows might have an opportunity to find buyers.
The smaller and midsize growers have also reduced capacity as prices have fallen.
“The wholesale market has just fallen through the floor,” McConnon said.
“I’ve never seen and, frankly, never anticipated prices like this.”
In July, for example, the wholesale price of cannabis flower in Colorado dropped to an all-time low of $709 per pound, down from $1,309 the previous year.
California
Raging wildfires the past few years have been a major factor affecting Emerald Triangle farmers in Northern California.
The fires destroyed cannabis grows and ruined nearby flower with smoke.
That wasn’t as much of an issue this year.
On the flip side, early fall rains can also be damaging, and some growers might have experienced that this year.
But overall, this has been a “pretty good year,” said Doug Chloupek, the CEO and founder of Juva Life, a cannabis grower and life science research company with a cultivation arm in Stockton.
“We had hot summers with a slightly more temperate climate leading into the October harvest here with our cooler nights,” Chloupek said.
“So I would expect that we’ll actually see some really nice quality flower coming from the traditional full-term, sun-growers out there.”
Similar to Colorado, a trend among cannabis growers in California this year was to let fields go fallow.
“Those are probably the smartest people,” Chloupek said.
“The overproduction of cannabis cannot be absorbed into the legal supply chain, which has created the falling price of cannabis.”
Chloupek characterized the economic situation for marijuana businesses in California as a “perfect storm of price catastrophe.”
Earlier this year, the average price per pound of cannabis flower was about $750 to $1,100 for quality, big buds and $300-$450 for smalls.
“The next two years are going to be survival of the fittest because people have run out of liquidity and the capital markets have dried up,” he added.
“The well to go back to save your company on its deathbed no longer exists.”
Washington state
The outdoor cannabis season started off wet and cloudy in Washington, where Moberg operates a sun-grown cannabis farm near Riverside, in the north-central part of the state.
But the weather reversed later in the summer to hot and dry, staying that way through October.
“So if I were going to say in a word (how the season went), it would be ‘great,’” Moberg said. “With some challenges.”
The sustained hot weather meant the plants required more water than in other years, for example.
If growers had access to water, that meant their plants were able to mature fully as the cultivator tapered off irrigating.
Like Colorado and California, Washington has traditionally had some of the lowest wholesale prices for cannabis in the country.
But Moberg isn’t sure how this year’s good growing season will impact the overproduction problem.
For one, some people in the state also decided it wasn’t financially wise to plant this year.
“From what I hear from everybody, there was a drastic reduction in what was planted this year,” Moberg said.
Another factor: Moberg said the state’s regulatory agency, the Liquor and Cannabis Board, temporarily tightened its enforcement of people growing beyond their canopy limits this summer, which helped to curb the oversupply.
New Mexico
The New Mexico summer was mild without any major events affecting outdoor cannabis operations, according to Duke Rodriguez, CEO and president of Ultra Health, based in Bernalillo, New Mexico.
“The regulated market had a successful outdoor season,” he said, adding that he expects a glut of outdoor-grown cannabis this year.
Among the more than 600 growers licensed in the state, Rodriguez said a lot of the new licensees are outdoor growers.
“Because the newbies have leaned heavily toward being outdoors, that’s where we’re going to see this flooding, and it’s going to be massive,” he added.
That anticipated glut has already dropped the price of wholesale flower in the market.
Earlier this year, Ultra Health was paying $1,500 a pound wholesale.
Rodriguez said his company is now buying wholesale pounds of flower for $850 and can buy lots of more than 1,000 pounds at that price.
“The bottom has fallen out,” he said.
Vermont
One outlier is the relatively new recreational marijuana market in Vermont, where prices are still in the $3,000 a pound range on the upper end of the wholesale market.
The fall growing season saw some rain in September.
That caused some outdoor growers to take down their plants early and dry them with the hopes of salvaging the yield, said Jason Mielcarek, director of cultivation at Ceres Collaborative in Burlington, Vermont.
The early moisture and humidity made it harder for the plants to fight off pathogens and botrytis.
“But the stronger genetics did well,” Mielcarek added.
“Anything that made it to October – October has been fantastic.”
Mielcarek said the weather stayed dry and sunny as temperatures cooled.
Growers are hoping those prices will remain high into the new year.
“Due to the lack of supply and the new (adult-use) market, that demand is so high,” Mielcarek said.
“Everyone can pretty much sell whatever they grow at this point.”
Source: https://mjbizdaily.com/cannabis-growers-report-bumper-harvest-amid-overproduction-low-prices/
Business
Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light
Reliance Jio has crossed a significant milestone in its space connectivity ambitions after its proposal to deploy a Low Earth Orbit (LEO) satellite constellation of around 1,600 satellites received a positive technical assessment from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).
The evaluation, conducted jointly by IN-SPACe, the Indian Space Research Organisation (ISRO), and the Wireless Planning and Coordination (WPC) wing of the Department of Telecommunications, reportedly concluded that Jio’s proposed system meets the required technical standards and is comparable to leading global satellite broadband networks.
India’s Indigenous LEO Satellite Vision
Under the proposal, Reliance Jio plans to deploy between 1,600 and 1,650 satellites in Low Earth Orbit at an altitude of around 650 kilometres.
The planned constellation is expected to provide high-speed satellite connectivity across India, with approximately 32 satellites visible from any location at a given time. The company aims to roll out the network within the next two to three years, subject to regulatory approvals.
According to industry estimates, the satellite system could deliver 4.5 to 5 terabits per second (Tbps) of total data capacity, making it one of the largest satellite broadband projects proposed in India.
The project is expected to require an investment of $10–15 billion (approximately ₹95,000 crore to ₹1.42 lakh crore), reflecting the scale of infrastructure needed for satellite manufacturing, launches, ground stations, and user terminals.
Regulatory Process Moves Forward
Following the successful technical review, the proposal is expected to move into the next phase of regulatory approvals.
The government may now assist Jio in securing orbital slots, coordinating spectrum usage, and filing applications with the International Telecommunication Union (ITU), the global body responsible for managing satellite orbit and frequency allocations.
Obtaining orbital rights remains a critical step, as Low Earth Orbit has become increasingly competitive due to the growing number of satellite broadband projects being planned worldwide.
Officials also indicated that the proposed satellite architecture has been designed to coexist with future Indian LEO constellations, allowing multiple domestic operators to share orbital resources efficiently.
Broadband, Mobile Connectivity, and Strategic Applications
Jio plans to use the satellite network to provide a range of communication services, including satellite broadband, mobile backhaul, enterprise connectivity, and direct-to-device (D2D) satellite communication, particularly in remote and underserved regions where conventional telecom infrastructure is limited.
The company also intends to establish 20 to 22 ground stations across India to support network operations.
Apart from commercial telecommunications, officials have highlighted the project’s potential strategic importance. A domestically developed satellite constellation could strengthen India’s communication infrastructure, reduce dependence on foreign satellite operators, and support national security requirements.
Reports suggest preliminary discussions are underway regarding the possibility of integrating defence-related payloads into some satellites, enabling both civilian and strategic use.
Major Step for India’s Space and Telecom Sectors
Industry analysts view the technical clearance as an important milestone in India’s expanding private space ecosystem. If Jio secures the remaining regulatory approvals and international orbital clearances, the project could become the country’s first large-scale indigenous LEO satellite broadband network.
The initiative also aligns with India’s broader efforts to expand digital connectivity while strengthening its presence in the global satellite communications market.
Business
Alleged Crores Pharma Scam Mastermind Arrested from Surat
After evading law enforcement for nearly 13 years, an accused linked to a large-scale pharmaceutical fraud case has been arrested by Delhi Police from Surat, Gujarat. The suspect is alleged to have orchestrated a series of financial scams involving fake identities, forged documents, and dishonoured cheques used to procure high-value pharmaceutical raw materials.
Authorities say the accused, identified as Himmat Singh Lodha, is believed to have defrauded multiple pharmaceutical companies in Delhi of goods worth approximately ₹98 lakh before disappearing and remaining underground for years.
Fake Business Deals and Dishonoured Cheques Used in Fraud
Investigators claim the accused posed as a legitimate pharmaceutical trader and placed bulk orders for expensive drug ingredients, offering post-dated cheques as payment security.
In one documented case from 2013, he allegedly obtained around 550 kilograms of Gliclazide, a diabetes-related pharmaceutical ingredient, valued at over ₹26 lakh. When suppliers attempted to encash the cheques, they were reportedly returned with the remark “account closed.”
Following the transaction, the accused allegedly vacated his office and rented residence and disappeared without settling payments. He was later declared a proclaimed offender in 2016 after repeatedly failing to appear before court proceedings. Authorities had also issued a reward for information leading to his arrest.
Multiple Identities and Repeated Fraud Pattern
Police investigations further link the accused to another cheating case dating back to 2012, where he allegedly used a fake identity, “Kailash Jain,” to obtain a large consignment of Ambroxol HCL, a pharmaceutical compound used in cough medications. The value of that consignment was estimated at around ₹72 lakh.
Officials believe the accused followed a consistent modus operandi—posing as a credible businessman, securing high-value goods on deferred payment terms, and then disappearing after delivery while shutting down business operations.
Investigators suspect that forged business records, fake company credentials, and fabricated financial histories were used to build trust with suppliers and gain access to expensive raw materials.
Multi-State Surveillance Leads to Arrest in Surat
A special Crime Branch team tracked the accused through coordinated surveillance efforts across multiple cities, including Mumbai, Ahmedabad, and Surat. After nearly a month of technical monitoring and intelligence gathering, officials located and arrested him from a residential area in Surat.
Authorities also revealed that the accused had been involved in property-related activities while staying under the radar to avoid detection.
Growing Threat of Corporate Identity Fraud
The case highlights a rising trend of organised financial fraud targeting industries that rely heavily on trust-based transactions and deferred payments. Experts note that criminals increasingly exploit gaps in corporate verification systems by using fake GST registrations, temporary offices, and forged documentation to appear legitimate.
Cybercrime and financial fraud specialists warn that such schemes are becoming more complex with the widespread availability of digital business tools, making it easier to create convincing but fraudulent corporate identities.
Experts Urge Stronger Due Diligence in High-Value Transactions
Experts, including former IPS officer and cybercrime specialist Prof. Triveni Singh, emphasize the need for stricter verification procedures in commercial dealings. He noted that relying solely on paperwork or digital business profiles can expose companies to significant financial risk.
Authorities and industry experts recommend physical verification of business operations, bank account validation, and detailed background checks before engaging in high-value or deferred-payment transactions—particularly in sectors like pharmaceuticals, where single consignments can involve transactions worth crores.
Business
EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices
A growing coalition of European industry groups is intensifying pressure on regulators to take decisive action against Google over allegations of unfair search practices that could reshape competition rules across the region’s digital economy.
Investigation Under Digital Markets Act Gains Momentum
The case is being examined by the European Commission under the European Union’s landmark Digital Markets Act (DMA), introduced to curb the dominance of major technology platforms and ensure fair competition.
Launched in March 2024, the investigation focuses on whether Google has been prioritising its own services in search results, potentially disadvantaging rival businesses that rely on online visibility to reach customers.
Industry Groups Demand Swift Action
Several prominent European organizations have jointly urged regulators to conclude the probe without further delay. They argue that prolonged investigations allow alleged anti-competitive practices to continue, putting European companies—especially startups—at a disadvantage.
Signatories include the European Publishers Council, the European Magazine Media Association, the European Tech Alliance, and EU Travel Tech.
In a joint statement, these groups warned that delays in enforcement are affecting innovation, profitability, and growth prospects for regional businesses competing in digital markets.
Google Denies Allegations
Google has rejected claims of bias, stating that its search algorithms are designed to deliver the most relevant and useful results to users. The company has also proposed adjustments to address regulatory concerns.
However, critics argue that these changes are insufficient and fail to address the core issue of market dominance.
Potential Billion-Euro Penalties
If found in violation of the DMA, Google could face significant financial penalties. Under EU rules, fines can reach a substantial percentage of a company’s global turnover, potentially amounting to billions of euros.
Regulators may also impose corrective measures requiring changes to business practices, which could have long-term implications for how digital platforms operate in Europe.
Wider Implications for Big Tech
The case highlights ongoing tensions between European regulators and major U.S. technology firms. In recent years, the EU has taken a more aggressive stance in enforcing competition laws, aiming to create a level playing field for local businesses.
A final ruling against Google could set a major precedent, influencing future enforcement actions and shaping the regulatory landscape for global tech companies operating within Europe.
As scrutiny intensifies, the outcome of the investigation is expected to play a critical role in defining the future of digital competition across the European Union.
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