It’s an overcast January day on his farm in west Kentucky, where he grew 18 acres of hemp last year, investing more than $250,000 of his own cash. He’s one of nearly 1,000 licensed hemp growers in 2019 who helped grow Kentucky’s biggest hemp crop since the state reintroduced it, trying to cash in on what could be a $1 billion industry for CBD products made from hemp.
NEW YORK — It may not be apparent when you’re spending $70 on CBD foot cream, but hemp prices are plunging amid a “grossly oversupplied” market, according to the head of the industry’s first price provider.
It may not be apparent when you’re spending $70 on CBD foot cream, but hemp prices are plunging amid a “grossly oversupplied” market, according to the head of the industry’s first price provider.
PanXchange Founder & CEO, Julie Lerner, talking on ‘What’d You Miss?’ regarding the Future of Hemp Trading and the Opportunities of Hemp vs Cannabis. Minute Mark 24:00 for Julie’s discussion.
According to the PanXchange, there is an issue of massive oversupply in the hemp market. PanXchange Founder and CEO Julie Lerner joins the On The Move panel to discuss the hemp business and how her company is changing the landscape for the industry.
The hemp market continues to settle as farmers look to the 2020 season. As U.S. growers learn from lessons they picked up in previous years, and as more growers get into the game, the national and international markets will shake out and begin to look more like a commodities market.
Ohio Valley farmers planted more than 27,000 acres of hemp last year — about four times more than in 2018 — to cash in on a booming market for popular CBD products made from the crop.
The oversupply of U.S. hemp, which was largely grown last year for CBD extraction, could be significantly bigger than expected after prices tumbled in 2019 and farmers struggled to find buyers, deal-flow calculations by one trading platform show.
Legal cannabis for adult use arrived to Illinois, with long lines outside of dispensaries formed on Jan 1. The day saw $3.2 million in weed products sold. Among the first customers was Lt. Gov. Juliana Stratton.
Dan Maclure planted eight acres of hemp on his Vermont farm for the first time this year, aiming to cash in on the exploding demand for CBD, a derivative of the plant reputed to ease anxiety and other ills without the high of its close cousin, marijuana.