One Gro Investment Group has officially disbanded their plans to open a cannabidiol (CBD) dispensary this year at their Creswell building at 285 E. Oregon Ave.
CBD is a hot trend right now, and after One Gro lost the November 2017 election by nearly 85 percent, with intentions to lift the ban of marijuana sales in Creswell, One Gro said they would resort to their Plan B – to implement a CBD dispensary instead.
CBD is not psychoactive, and because of this can skirt the legal ban on marijuana and is legal almost everywhere. But One Gro CEO Dan Isaacson said the tumulcity of the cannabis industry in general right now is comparible to that of the 2008 Housing Crisis, leaving One Gro to reevaluate opening another dispensary.
“The market is very volatile. It’s gonna take the season to really sort out,” Isaacson said. “The state produced four times the consumption capacity for the year (in 2017). The ripple effects haven’t been seen yet but, hey, won’t be pretty for many in the industry.”
He said there isn’t a justifiable rationale for spending money on office space at the Creswell building if they can condense and operate without it. He said One Gro is currently seeking to sublease the building, and all has been cleared with the Marquess family, which owns the building.
He said he anticipates that there will be the “Great Depression of Weed” by the end of 2018 and at least half the existing cannabis businesses will be closing up shop.
“The days of putting 200 plants in the ground and making a small income for your family are gone,” Isaacson said. “Anyone not vertically integrated in the marijuana industry will be likely out of business this time next year. “
To be vertically integrated means having