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.
We talked with PanXchange’s CEO Julie Lerner to get an insider’s view on what the proposed regulations mean to this exciting, newly forming industry, and why some of the proposed regulations could be tweaked or changed in the days after the public comment period ends.
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.
Optimism around a three-day hemp auction in Tennessee turned to disappointment when producers found way more sellers than buyers, driving prices down and leaving some frustrated.
Passage of the 2018 Farm Bill and the rise of CBD as a nutritional supplement has led to a boom in hemp cultivation over the past year. According to the U.S. Hemp Market 2019 State Rankings Report, the acreage for licensed hemp cultivation has risen by 328%, from 112,163 acres in 2018 to 480,334 acres in 2019.
It’s the first harvest season since the 2018 U.S. Farm Bill was signed into law — and hemp farmers, investors and analysts are working the fields and crunching the data, working diligently to better understand the potential of the plant that was federally legalized through its passage.And while those experts are saying that the biggest lessons are yet to be learned, the fundamentals of a fledgling market are beginning to fall into place in the first state to fully regulate the plant and its intoxicating cousin, marijuana.
After years of falling crop prices, some farmers see a lifeline in hemp.Thanks to recent changes in federal legislation, hemp, while still minuscule as a share of U.S. agricultural production, may offer growers outsize profits compared with more traditional crops.
DENVER, Oct. 3 (UPI) — A glut of CBD oil on the market, severe weather and a complex harvesting process will make this year’s first mass hemp crop in 80 years in the United States a disappointment for many farmers. As harvest season winds down and winter frosts threaten the northern United States, hemp is proving to be a complicated plant for farmers to harvest and process. Buyers for the crop are tapped out, which is driving prices down, industry observers say.