Russian Invasion of Ukraine (Part 3)
September 22, 2022 Russia’s invasion of Ukraine on February 24th, 2022 spelled further disaster for the industry by disrupting the critical fertilizer supply-chains that sustain cannabis production globally. Together, Ukraine and Russia produce 28% of the NPK fertilizers (nitrogen, phosphorus and potassium) sold on the global market. The resultant sanctions placed on Russia by the United States, have, in effect, cut-off the global market from the largest exporter of fertilizers and soil nutrients. As a result, fertilizer prices have skyrocketed within the United States. Modern Farmer reported that, over the past year, the price of anhydrous ammonia rose 225%, liquid nitrogen rose 192%, and Urea rose 149%.