Testaberg is an authorized hemp grower and processor in Wisconsin, which launched an industrial hemp pilot program in 2018 and now has more than 2,100 applications for licenses in 2019. The 2018 Farm Bill extended the authority to produce hemp through state “pilot programs” under the Agricultural Act of 2014 (the “2014 Farm Bill”) for one year after USDA’s release of its production plan. The issue with hemp is that it isn't just another crop. USHGA will meet in late February 2020 in San Antonio to secure founding partners and to install an initial board of directors. Market movement for winterized and non-winterized crude is extremely slow, which is an effect of the tolling splits, as discussed in previous PanXchange reports. The Courtneys were originally set to harvest their hemp Oct. 25. At the moment, conventionally grown hemp is being sold in the range of mid 50 cents per pound while the organically grown varieties are being sold for $1.30 per pound. Current hemp industry market prices for hemp biomass and hemp smokable flower are represented in the chart above, showing price variables between states across the US. Take THC testing as only one element, and we have an issue that creates high levels […] TDA’s website states that “no immediate changes are expected” to its hemp program. The samples tested at 0.496% and 0.38% THC. The global industrial hemp market size was estimated at USD 4.71 billion in 2019 and is expected to register a revenue-based CAGR of 15.8% over the forecast period. With most listings receiving multiple offers, it makes it easy to understand the true value of your products. Conversely, states that choose to implement the IFR now may view delaying as disadvantageous. In October, hemp seeds were selling for $5.59 per pound. Because North Carolina would then have no state plan, the Commission recommended permitting the pilot program to continue operating through 2020. However, at PanXchange, we find it to be misleading. The reality is that these estimates are based on the retail shelf price of consumer packaged goods that contain mere milligrams of actual hemp product. The hemp market is poised for massive growth with unprecedented interest from farmers, processors and consumers, fueled in part by the extraordinary demand for CBD-based products. “The good news is, we can grow industrial hemp in South Carolina,” DeWitt said. According to their third quarter statement, Charlotte’s Web projected between $90 million and $100 million in revenue for the calendar year 2019. Growers seeded 142,691 acres this year, according to Department of … FDA thus appears to be preparing a production plan for USDA approval in time for the 2020 growing season. The U.S. Department of Agriculture (USDA) has issued its hotly anticipated Interim Final Rule (IFR). Colorado then licensed 80,225 acres in 2019, far more than any other state. States seized the initiative, as the huge 2019 licensing increase shows. The Courtneys were one of 10 growers the state of Nebraska granted hemp licenses in 2019. https://www.hempgrower.com/article/panxchange-december-update-hemp-biomass-price-index/, https://www.ams.usda.gov/sites/default/files/media/AMS_SC_19_0042_IR.pdf page 86, New Year’s Worth of Pressing Topics for the Hemp Industry, Attracting Investors and Raising Capital for Your Cannabis Business, The U.S. Hemp Growers Association (USHGA), © 2021 GIE Media, Inc. All Rights Reserved. If USDA rejects its requests, MDA stated that it will operate under its pilot program in 2020. The Canadian price per pound grown of industrial hemp plant has fallen this year. April 5, 2019 From a Press Release . But CDA officials confirmed their intention in interviews to operate Colorado’s pilot program through the 2020 growing season. A majority of the board leaders will be active hemp farmers. The 2014 Farm Bill authorized state departments of agriculture and universities to produce hemp “for purposes of research conducted under an agricultural pilot program or other agricultural or academic research.” The law defined “pilot programs” but did little to clarify the meaning of hemp production “for purposes of research.” Congress essentially delegated this authority to states, without mentioning either USDA or the U.S. Drug Enforcement Administration (DEA). when evaluating industrial hemp as a potential U.S. crop. "I am honored to be a part of this historical moment in U.S. agriculture and lend my experience and expertise to the emerging commercial hemp industry as we develop this organization," said Caren Wilcox, executive director for USHGA. Montana and North Carolina, ranked first and sixth, are taking more nuanced routes, but will likely arrive at the same outcome. Vote Hemp’s estimate for 2019 hemp production at 230,000 acres planted and a 50% crop loss, yields a total of 115,000 acres. The new law also authorized states either to develop their own production plans or to rely on USDA’s plan in the IFR. The first way is that a growing US hemp industry would cut into Chinese hemp exports. Industrial Hemp in the United States: Status and Market Potential. But the IFR, which reflects USDA’s interpretation of the 2018 Farm Bill, also raises significant concerns. It is unknown how these new producers will impact the hemp industry. Over time, even though the CBD sales will continue to grow, it is only one sector when looking at the potential uses of the hemp plant. The Tennessee Department of Agriculture (TDA) reports on its website that the state licensed 3,800 producers in 2019 to plant up to 51,000 acres. While we would prefer to examine only hemp biomass, the data for Q4 of 2018 is a bit limited. Note that each of the three scenarios below are based on the following assumptions: Scenario 1: Charlotte’s Web: A case study. Guide to CBD attended the North Carolina Cooperative Extension’s Industrial Hemp Production Workshop on February 28, 2019, at the Chatham County Agriculture & Conference Center in Pittsboro, NC. States interpreted their 2014 Farm Bill authority quite broadly. Note that these numbers do not account for smokable hemp or any non-CBD industrial purposes. Hemp and marijuana are varieties of the same species, cannabis sativa, and to the uninitiated look and smell alike. 2019 Hemp Harvest Estimates; U.S. Hemp Extraction Survey Results ... Visit Hemp Benchmarks on the web to read their free Hemp Benchmarks Monthly Report. Apparently seeking to assert some oversight, in August 2016, USDA issued a joint “Statement of Principles” along with DEA and the Food and Drug Administration. We are actively searching for new hemp and CBD products. We know that the US current processing capacity is not that large and not every pound will be harvested and converted into distillate. Therefore, based on conversations with industry processors, we’re going to use a baseline that it takes 93 pounds of 10 percent CBD biomass to yield one kilogram of THC remediated broad spectrum distillate. ... Hemp crops grown or processed during 2019 still have to operate within the state pilot programs authorized by the 2014 Farm Bill. USDA later stressed in the IFR that “the 2018 Farm Bill permits commercial production of hemp, and the 2014 Farm Bill permits production of hemp for research purposes only.” Yet USDA attributed all previous hemp production to the 2014 Farm Bill. Specifically, one undesirable variation in biomass or a smokable flower which doesn’t have an optimal “nose” is the difference between a product that can be sold for consumption and one that is unusable and will go to waste. To assist, we will look at the hemp industry as a whole for part of our analysis. Scenario 2: Brightfield Group: Market estimates for consumer packaged goods (CPG), Of the three scenarios described in this report, this is by far the most popular forecasting method. In the 2019 growing season, Charlotte’s Web increased hemp acreage to 862 acres, giving them a significant runway to increase sales in 2020 or carry a surplus into 2021. Hemp Market Insider. Generally, the lower the market price, the greater the yield must be for producers to break even or make a profit. This might present larger issues to the industry that could cause regional prices to spike or fall. Meanwhile, Vote Hemp reports that Arizona, California, Illinois, Oklahoma, New York and Wisconsin – none of which had hemp pilot programs or any licensed acres in 2018 – each licensed more than North Carolina in 2019. Hemp Depot charges $35 to $40 for a pound of the high-end hemp it sells for CBD products. But USDA omits key details and misstates others. The hemp industry is a rapidly evolving market, but one that is ultimately shaped by policy. Caren Wilcox will serve as the inaugural USHGA executive director. Ever since the 2018 Farm Bill passed, the hemp industry has been under a microscope. Of course, the 2018 Farm Bill also extended the 2014 Farm Bill authority for one year. Fee for a grower license is based on planning acreage for production: $250 for less than 5 acres, $300 for 5 to 20 acres, and $350 for more than 20 acres. Charlotte’s Web is one of the largest hemp consumer packaged good (CPG) manufacturers, and one of the few that are publicly traded. 2019/2020 Supply. The IFR reports that 9,649 acres were harvested nationwide in 2016, which had increased to 77,844 acres by 2018. Buyers are clearing dying to get their hands on quality hemp biomass. This is consistent with USDA’s description of Florida on its website. Hemp biomass prices reached a high of over $40 a pound in July, just before the 2019 harvest came in, according to PanXchange Chief Executive Officer Julie Lerner. We already have observed biomass prices decline by 20% to 40% from April to September 2019, depending on transaction volume. The newly-formed U.S. Hemp Growers Association will provide education, research and networking for hemp growers. Biomass and smokable flower are particularly vulnerable. 11) License fee: See 2019 Tennessee Department of Agriculture Industrial Hemp Application guidelines. One of the largest deciding factors in pricing has been CBD percentage, but the overall market continues to climb. The department ordered the destruction of the crop Nov. 26 and would not allow the family to keep the seed the crop produced either, family member Steve Johansen told The Journal Star. Montana licensed 40,000 acres in 2019, up from 25,000 in 2018. In October, hemp seeds were selling for $5.59 per pound. Projecting this out to the same projection of $24.4 billion in 2025 (which is one of the most aggressive projections), the US market would be supplied by just shy of 200,000 kg of 85% distillate. It was truly a team effort. South Carolina only implemented its pilot program in May 2018, when the South Carolina Department of Agriculture (SCDA) licensed 20 hemp producers to plant 365 acres. From October – December of 2018, hemp biomass averaged only $54 per pound. The 2018 Farm Bill reclassified hemp, and it is now legal to grow industrial hemp. There’s a whole lot of price discovering going on with hemp all throughout the year. While actual totals are not yet available, Vote Hemp estimates up to 142,500 acres will be harvested in 2019. Make Informed Business Decisions With Confidence. North Carolina also increased licensed acreage from 4,548 in 2018 and 15,090 in 2019. info@kush.com Hemp to the Rescue. Delta-8 THC: Another Look. Nonetheless, it illustrates the enormity of the market’s total oversupply. Hemp Benchmarks ® Spot Price Index Report. Isolate movement continues to be slow, with many producers switching their formulations to distillate due to concerns of pending patent exclusivity. The increasing legalization of the cultivation of hemp is prompting the manufacturers and research institutions to develop new products from industrial hemp. Even though there was … Hemp is a source of fiber and oilseed grown in Vote Hemp’s estimate for 2019 hemp production at 230,000 acres planted and a 50% crop loss, yields a total of 115,000 acres. Nontheless, the bid/ask spread has narrow since last month as product has been forced to move and buyers and sellers found common ground. Industrial Seeds Market Value The value of industrial seeds more than doubled from May to October 2019, according to Hemp Benchmarks. The key difference is that hemp contains no more than 0.3% tetrahydrocannabinol, or THC – the psychoactive cannabinoid in weed that gets you high. We need to emphasize that we, nor seemingly any entity in the industrial hemp market, is in a position to treat the analysis in this report as verified facts. ... August 27, 2019 News Release: Hemp … She can be reached at Valerie L. Vantreese 406 Agricultural Engineering Building The IFR implements the hemp-related provisions of the Agricultural Improvement Act of 2018 (the “2018 Farm Bill”). Our third and final look at demand uses the US population estimate at 329 million. In particular, states licensed 527,869 acres for planting in 2019, a 460% increase over 2018, according to Vote Hemp, a respected advocacy organization. Industrial hemp is a member of the cannabis sativa plant family — the same family as marijuana. In producing CBD products, the first step is the extraction of crude CBD oil from hemp biomass. The Colorado-based, vertically-integrated business, operates on over 300 acres of irrigated farmland, with a 50,000 square foot in-house production and manufacturing facility. ... which could result in major losses for farmers once prices adjust. According to Vote Hemp, Colorado went from harvesting 9,700 acres in 2017 to 21,578 in 2018, barely trailing Montana. It appears the 2019 supply greatly exceeded demand and hemp fiber and grain feedstock prices plunged during 2019. Therefore, these farmers are willing to let the crude go for pennies on the dollar, driving prices down for the entire market in this product category. Prices are expected to stabilize over the next few months at an average of $200 per pound for bulk flower purchases and $1.60-$2.00 per percentage point on hemp biomass. Figure 20 Market For Industrial Hemp Share, By Type, 2019 vs. 2025 (By Value) Figure 21 Market For Industrial Hemp Share, By Application, 2019 vs. 2025 (By Value) The spot biomass market traded in the range of $3.45 – $4.50 per percentage point of CBD content (/point) throughout May. Hemp is among the most regulated crops; policy issues can have profound effects on the profitability of a hemp farming or extraction enterprise. by Economic Research Service. Samples were to be taken within two weeks of the projected harvest date. South Bend Industrial Hemp was established in 2019 by Aaron, Richard, and Melissa. As part of normal market maturation, input prices and retail prices will continue to drop, and volume will increase. This is in stark contrast to cannabis, which is seeing the market begin to level out. Eric Holcomb has indicated that he is against legalization in Indiana until federal prohibition is lifted. This amount has jumped to $57 per pound in Q1 of 2019 and is expected to grow beyond $65 per pound in Q3. On average, hemp sellers on Kush.com receive 118% of their listed price. Wilcox is a well-known ag and food leader who has held executive roles at Hershey, the USDA and the Organic Trade Association. Current hemp industry market prices for hemp biomass and hemp smokable flower are represented in the chart above, showing price variables between states across the US. Besides other possible reasons, they apparently believe this approach serves their producers’ best interests. It appears the 2019 supply greatly exceeded demand and hemp fiber and grain feedstock prices plunged during 2019. COPYRIGHT © 2019 Guide Resource Services INC, Introducing the Kush CBD Isolate Pricing Index, Melatonin Vape Juice By Full Body Zen 500MG 20ML (Pack of 14), Infused Vape Pods By Full Body Zen 400mg (Display of 15), Hemp Oil Tincture By Full Body Zen (Pack of 24), The HempList #18: Upcoming Regulations, White Label, & Toll Processing w/ Cannilabs, The Return of Live Events & What’s Different This Year | #THC2021 FAQ, The HempList #17: Growing High Quality Hemp in Oregon w/ Four Seasons, The HempList #16: Growing Hemp on George Washington’s Family Farm w/ Pure Sterling Hemp. The following reviews how several states have approached hemp production previously and, based on current information, how they intend to proceed during 2020. This amount has jumped to $57 per pound in Q1 of 2019 and is expected to grow beyond $65 per pound in Q3. Projections for 2019 are dire, with farmers set to lose $47 per acre. When sold by the pound, the average price for hemp seeds has been around $578 per pound since December 2019. The positive aspects of the 2018 Farm Bill are well publicized. Kush expects to see hemp biomass prices continue to climb throughout the summer. Many states soon enacted self-styled pilot programs. Data is king, but in the quickly growing, and now legal, hemp industry, it can be hard to come by. Transporting hemp between state lines has proven to be a challenge. USDA’s website also does not reference South Carolina. Reach out and one of our helpful sales reps will connect you with a buyer that matches your needs. Industrial hemp is from the plant species Cannabis sativa and has been used worldwide to produce a variety of industrial and consumer products. Hemp biomass prices continue to shift, but the trend upwards is clear. The market is uncertain at best, but demand for hemp and CBD products is only growing. Phone: Even the passage of the U.S. 2018 Farm Bill, which would legalize hemp in that country, shouldn’t have much of an impact on prices. Hemp production steadily increased as a result. Another sample collection was taken mid-November, but results were delayed until the Courtneys paid the lab fee. He also supports legalization, the news outlet reported. In this article we examine current spot prices of CBD for Hemp biomass, crude, distillate and isolate, and what factors are influencing price.Our goal is to create an index of prices so that you can price your products to sell on the marketplace, or via your sales channels. Hemp Market Insider. CDA is working closely with USDA, they said, and intends to submit its state plan in January 2020, noting that it won’t become effective until after October. This kind of cannabis won’t give you a high, but the buzz around growing industrial hemp was palpable at the 2019 MOSES organic farming conference in La Crosse this week. As such, global demand for CBD distillate would be at 1,513,950 kg, yet the increase in demand globally is likely to be covered by other suppliers around the globe. Of course, a positive FDA ruling, including a statement that cannabinoids will be recognized as Generally Regarded as Safe (GRAS), will help boost demand. Fast forward to 2019, and Charlotte's Web is now the undisputed market leader in the hemp-derived CBD market. It’s difficult to gauge which state strategy is preferable. Note that we applaud analysts like Brightfield Group, who are attempting to bring clarity to the topic. As such, we used their financial statements as a case study to assess demand. What we learned there about the present and future of industrial hemp in North Carolina was a fascinating look at an emerging industry. Raw materials include seeds, biomass, flowers, and transplants. Seed costs have fallen 66% to approximately $1.00/seed ($3.00/seed one year ago). Its legalization of adult-use marijuana in 2012 may have given the state a head start on its hemp program. It seems a stretch to contend that all hemp production to date has been for “research” purposes. industrial hemp for fiber only, seed (grain) only, and dual purpose fiber and seed (grain), respectively. Tennessee established its hemp pilot program in April 2014. It is the job of the commodity merchandiser to assess current and future prices, relying on current and historical hard figures of actual physical supply and demand. As shown with Charlotte’s Web, one of the largest CBD product manufacturers need only an estimated 500 acres or 800 kg of distillate to reach $95 million in revenue. Demand is set to grow at a rate that farmers may not be able to keep up with. Product Units July 2019 Aug 2019 Sept 2019 MoM $Chg MoM %Chg Biomass (0 – 25k pounds) $ / %CBD / pound $3.91 $3.80 $3.07 ($0.73) -18.7% Biomass (25k – 100k pounds) $ / %CBD / pound $3.41 $3.10 $2.99 ($0.11) -3.2% At launch, more than 300 farmer-members of U.S. Hemp Farming Alliance will fold into USHGA. Vote Hemp’s estimate for 2019 hemp production at 230,000 acres planted and a 50% crop loss, yields a total of 115,000 acres. Hemp raw materials is a term used to describe the products created from the entire hemp plant. Upon becoming law last December, the 2018 Farm Bill was viewed by many, including states, as immediately authorizing even greater hemp production. Vote Hemp reports that Kentucky’s harvest rose from 3,271 acres in 2017 to 6,700 in 2018. In this article we will review sales data collected from October 2018 – March 2019. Whether this was the case or USDA first had to issue the IFR, as it suggested by attributing 2019 and 2020 production to the 2014 Farm Bill, is now mostly academic. While intending to submit a revised plan to USDA “sometime next year,” officials confirmed in interviews that TDA will continue operating its pilot program in 2020. For one, after receiving public comments (now due January 29, 2020), USDA gave itself two years, until Nov. 1, 2021, to issue final regulations. TDA submitted a draft production plan to USDA in February 2019, which the agency failed to address, presumably pending issuance of the IFR. While this data is a good representation of the market, it is not all encompassing. Hemp Biomass Prices 2019: A Look at Q1 Sales Data. Kentucky led the resurgence in national hemp production. 2019/2020 Supply. In fact, the average offers received on hemp raw materials listings is 1.47. Let’s dive into the data a little more. Processing capacity is still a great unknown, and given that there are over nine different variables that affect the conversion from biomass to distillate, we’d be remiss to declare an average conversion. Because of this fragmentation, recent transaction prices vary widely. Using 14.39 cents/mg CBD from the previous example, the industry would need just shy of 32,000 kg of distillate to service the entire US market (assuming no loss of cannabinoids during product formulation). If we assume a uniform efficiency in hemp growth to consumer packaged good production, the United States hemp market would need just shy of 20,000 acres. Unfortunately, we have not even been able to ascertain the supply and market prices these analysts used to reach these forecasts. MDA intends to coordinate with USDA regarding this and other issues. May not be able to keep honing forecasts as hard data becomes available been to... Break even or make a profit a number of ways that you can ’ t get from. 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