Cultivation is the foundation of the cannabis industry, and the success of any cannabis grow-op starts with cannabis lighting. Many modern cannabis cultivation sites are indoor grow-ops, which makes the cannabis lighting business a power player in the growing US cannabis industry. Whether you’re a cultivator looking to purchase or finance a cannabis lighting setup or a cannabis lighting business looking to streamline payments, this article is for you.
2022 State Of The Cannabis Lighting Report
The Cannabis Business Times 2022 State of the Cannabis Lighting Market report provides industry insight to the advances in commercial cannabis cultivation. Scientifically rigorous cannabis research has yielded new findings that impact every aspect of cannabis cultivation.
But the most surprising – and exciting – insights have come from scientific findings related to light and the cannabis plant’s growth cycle. The findings of universities, cannabis laboratories, and cannabis lighting manufacturers have contributed significant change to the way cannabis cultivators operate, and how the cannabis lighting business can evolve to serve their changing needs.
Another key finding of the 2022 State of the Cannabis Lighting Market report is that sustainability is on the minds of growers. Sustainability-minded cannabis and hemp cultivators who use greenhouses are overwhelmingly making the switch from high-pressure sodium lighting to LED lights.
The 3 Most Common Types Of Modern Grow Lights
The type and intensity of cannabis lighting during the cannabis plant life cycle is the key to a successful harvest. Modern indoor cannabis cultivation sites rely on at least one of three artificial light sources: HID, CFL, and LED.
High-Intensity Discharge Lamps (HID)
HID lamps use sealed, gas-filled arc tubes surrounded by an outer glass or bulb to provide light. HID lights set the industry standard, and have been used as the indoor grower’s light of choice since the early 1900s because they are low in cost and provide powerful light. Though HID provides more lumens, it is less energy-efficient and can present a safety risk because of the heat generated.
Compact Fluorescent Lights (CFL)
CFL lights are easy to find, and ideal for growing in compact spaces where you don’t want to generate a lot of heat. CFL bulbs create light by passing electricity through gaseous vapor under low pressure. CFL lighting runs much cooler than HID lighting and requires minimal ventilation for plants.
Light-Emitting Diode (LED)
the up-and-coming breakaway technology that looks to end the reign of HID for cannabis cultivation. The latest generation of LED systems are now capable of producing comparable, and in some cases, superior quality marijuana than the average HID set-up. PAR or photosynthetically active radiation is the metric that LED zealots consider most important.
2023 Cannabis Lighting Market Overview
According to the 2022 State of the Cannabis Lighting Market report, the US cannabis lighting market is projected to have a 7.6% compound annual growth rate, driven by increased interest in medical cannabis applications and expansion of the US legal cannabis market. As cannabis edibles, extracts, and topicals become more commercialized, cultivation increases, which in turn, will drive the cannabis lighting market in 2023 and beyond.
LED lighting is safer, more sustainable, and more efficient than HID lighting, prompting many cultivators to make the switch to LED lighting, despite the increased upfront cost. By switching to LED, cultivators create less heat, which in turn lowers HVAC loads and operational costs – for a net savings over time. While making the switch to LED can be an added expense, many cultivators understand that it’s the easiest way to reduce future costs.
The Competitive Landscape Of Cannabis Lighting
As cannabis legalization increases in the US, more grow-ops are popping up in newly-legal states, leading to the development of the cannabis lighting market. Cannabis lighting vendors are partnering with major commercial cannabis companies and cannabis research institutions to optimize crop production and create new innovations in cannabis lighting efficiency. Cannabis lighting businesses will need to stay focused on product launches to gain – and keep – a competitive edge in the market.
Why Choose Paybotic For Cannabis Lighting Payment Processing?
One of the easiest ways to compete in the cannabis lighting business is to streamline your cannabis payment processing and find a cannabis banking solution that fits your business goals. That’s where Paybotic comes in, as your secret weapon for competing in a competitive cannabis lighting landscape.
Paybotic is the cannabis industry’s trusted choice for payment processing and cannabis financial technology solutions. Paybotic offers a full suite of payment processing solutions that make it easy for cannabis lighting businesses to accept customer payments in person or online. We understand the unique needs of your cannabis lighting business and have tailored our services to meet them while keeping compliance in mind.
Making the switch to LED lighting for your grow-op? Paybotic has you covered! Cannabis cultivators traditionally don’t have a lot of options for loans to finance the cost of making the switch. But Paybotic has over a decade of experience working with cannabis-related businesses to provide funding solutions for high-risk businesses.
Our Merchant Cash Advance program can help your cultivation site with the upfront cost of switching to LED, saving you thousands of dollars over time.
We know cannabis lighting equipment can be very expensive with a high ticket transaction average. Paybotic is here to reduce the cost of payment processing for your cannabis lighting business. We offer competitive rates with no hidden fees – so you can save money on each and every transaction.
Paybotic provides merchants with quick payment funding, so you can focus on growing your business without worrying about cash flow. All payments are deposited directly into your bank account in as little as 24-48 hours, empowering you to take control of your money.
Paybotic adheres to PCI-DSS and all other relevant federal, state, and local laws for cannabis lighting businesses. We also offer fraud protection services to help keep your cannabis lighting business safe from unauthorized activity.
Our experienced customer service team is eager to make 2023 your cannabis lighting business’ most successful year yet. To learn more about our payment processing solutions for cannabis lighting businesses, contact us today!