Executive Letter: 'Steady as She Goes'

Special Report - Special Report: State of the Cannabis Cultivation Industry Report | Executive Letter

Despite the economic challenges of 2020 due to the COVID-19 pandemic, most cannabis cultivators who participated in the research reported rising or fixed revenues in their most recently completed fiscal year compared to one year prior.

June 2, 2021

Tom Vezdos (top), General Manager, Cannabis Growing, Prospiant; Rodolfo Martinez (bottom), General Manager, Cannabis Processing, Prospiant
Headshots courtesy of Prospiant

Prospiant—the new agtech brand of Gibraltar Industries, including Nexus Greenhouse Systems—has partnered with Cannabis Business Times for the past six years to bring you critical insights into the state of the industry. Our new brand anchors off the word “prosperity,” embodying long-term stability, financial strength, and end-to-end expertise in all that we do for our customers. The “ant” suffix on the word represents the people who make things happen—the makers of prosperity for your success!

Prospiant is the industry’s leading provider of turnkey growing ecosystems for cannabis cultivation and processing, including design, engineering, manufacturing, construction, integration and startup. We stand firm on the foundation of six industry-leading heritage brands to not only serve the cultivation industry, but also to provide complete soil-to-oil capabilities, including cannabinoid extraction, refinement, and distillation technologies.

We are pleased to support CBT in its effort to inform the industry through the collection of essential cultivation data and publishing the sixth annual 2021 “State of the Cannabis Cultivation Industry Report.”

Despite the economic challenges of 2020 due to the COVID-19 pandemic, most cannabis cultivators who participated in the research reported rising or fixed revenues in their most recently completed fiscal year compared to one year prior. Key findings from the report include:

  • 31% of research participants reported increased revenues for 2020.
  • 73% of research participants who currently cultivate indicated they planned to add either indoor, greenhouse or outdoor cultivation space within the next two years.
  • 41% of research participants whose operation currently processes/extracts plants (or plans to do so in the next 18 months) indicated they currently use or plan to use CO2 extraction equipment compared to 40% for solventless solutions and 39% for ethanol.

Prospiant’s direct experience aligns with the research findings, as many of our customers are in the planning stages for new growing and processing facilities, facility expansions, lab expansions and broadening their extraction technology portfolio. As we move into the second half of 2021, the future looks cautiously bright, but “steady as she goes” seems to be the theme of the post-pandemic cannabis industry. Resilience, adaptability, and accessing the latest data to enable informed decision-making are more critical than ever.

Finally, we appreciate your participation in this year’s research!

Stay healthy and safe, and here’s to a much brighter future for us all.

—Tom Vezdos (top), General Manager, Cannabis Growing, Prospiant

—Rodolfo Martinez (bottom), General Manager, Cannabis Processing, Prospiant