Hemp Production Down by Almost 50 Percent — But Why?

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Hemp Production Down by Almost 50 Percent — but Why?

HEMP

Hemp Production Down by Almost 50 Percent — but Why?
AMBER TAUFEN NOVEMBER 2, 2022 5:32AM
Colorado’s hemp farms are cutting back.
Colorado’s hemp farms are cutting back. Jacqueline Collins

New numbers from Denver-based analytics firm PanXchange indicate that even as more states join the march toward legalizing both medical and recreational cannabis, one related area of the market is contracting: hemp.

Westword Nov. 2, 2022

HEMP

Hemp Production Down by Almost 50 Percent — but Why?

NOVEMBER 2, 2022 5:32AM

Colorado's hemp farms are cutting back.

Colorado’s hemp farms are cutting back. Jacqueline Collins
New numbers from Denver-based analytics firm PanXchange indicate that even as more states join the march toward legalizing both medical and recreational cannabis, one related area of the market is contracting: hemp.

PanXchange expects the country’s 2022 hemp harvest to shrink by 46 percent, from about 36,925 acres last year to 20,000 acres this year. It attributes the drop in production to a worldwide “crash” in the CBD market in 2018; most CBD hemp extract (at least 75 percent) is currently being used to produce psychoactive Delta-8 and Delta-9 goods.

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