Rocky start for inaugural hemp auction, but more events are planned
By Hemp Industry Daily
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.
But organizers of the inaugural International Hemp Auction and Market, modeled after tobacco auctions in the area, say the market volatility will settle down, making future auctions more valuable.
The oversupply in November was too much for farmers such as Ryan Rowlett, a hemp grower from Greeneville, Tennessee, who returned home from the auction in Franklin with the 2,500 pounds of CBD biomass he’d taken to sell.
“There were too few buyers and too much biomass,” Rowlett said. “I was hoping there would be enough buyers to compete and drive up the price.”