Washington — New Frontier Data, the global authority in data, analytics and business intelligence in the cannabis industry, in partnership with Scale Microgrid Solutions and Resource Innovation Institute, is producing the most comprehensive analysis of current energy consumption in today’s fast growing and quickly evolving cannabis industry. The study will examine cultivators’ and operators’ energy consumption across North America and will provide operational insights and cost indicators that can immediately be used to assess both the efficiency and profitability at the root of the cannabis ecosystem of an operation.
“Data is the basis to any business’ ability to optimize, if not to measure efficiency and profitability. In the cannabis industry, where electricity is the second highest expenditure in a cultivation operation, lowering energy costs can make the difference in whether a business survives in this increasingly competitive environment. Wholesale pricing has now dropped by over 50% in most key markets across the United States; having the ability to manage cost could not be more timely for both new and existing businesses touching the plant,” said Giadha Aguirre De Carcer, New Frontier Data CEO and Founder.
“Baseline usage data is the key for cannabis producers to see where they currently stand, and to help them make decisions about best practices and technology upgrades that drive a lower cost per pound,” said Derek Smith, Executive Director, Resource Innovation Institute. “The data will also help local governments and utilities provide incentives to help reduce energy use by this new industry.”
“As growers and their regulators become increasingly aware of the cannabis industry’s energy footprint, a lack of data-driven analysis has consistently hindered efforts to mitigate this issue. We are excited to be a part of this groundbreaking effort to quantify the economic and environmental impacts of the industry’s energy practices, and we hope this report will serve as the foundation of a thoughtful and productive dialog moving forward.” said Ryan Goodman, Scale Microgrid Solutions CEO.
Using data compiled from Resource Innovation Institute’s (RII) non-profit Cannabis PowerScore tool, New Frontier Data, Scale Microgrid Solutions and RII will analyze the North American cannabis market for its energy consumption and will provide insights on the following areas:
Average energy usage per square foot of flowering canopy and per gram produced across a range of cultivation settings and geographies.
Energy costs and carbon footprints across a range of cultivation settings and geographies.
What defines an efficient cannabis cultivation operation?
What approaches can be used to improve cannabis’ energy economics?
Investors will be able to assess investment opportunities and determine how efficient those opportunities are in their operation. Regulators will now have the broadest benchmark associated with current cannabis energy and resource usage. Finally, operators can determine how they compare to the rest of the industry when it comes to energy use and efficient cultivation.
Are you a cultivator and would like to participate in the energy study? Go to CannabisPowerScore.org.