Tennessee established its hemp pilot program in April 2014. While rarely is the hemp industry viewed on a large scale, looking at raw materials gives us an indication of what future prices may look like. In November 2019, North Carolina’s Industrial Hemp Commission passed a resolution finding that, if a pending bill in the state general assembly becomes law, as expected, USDA would likely reject any corresponding state plan. Colorado is perhaps the country’s leading hemp producer. Hemp biomass prices continue to shift, but the trend upwards is clear. As part of normal market maturation, input prices and retail prices will continue to drop, and volume will increase. Colorado and Tennessee, ranked second and fifth in 2018 production, respectively, are maintaining their hemp pilot programs during 2020. Assuming distillate with an 85% CBD potency, Charlotte’s Web needed approximately 776 kilograms of distillate to fuel its supply chain in 2019. We chose them to take a deep dive as they are the only analysts we found who published a 2019 forecast (see chart below). Decriminalization and smokable hemp are among the issues addressed by the proposed bills. The supply/demand discrepancy was greater for the Great Plains compared with some other areas. SDCA licensed 3,300 acres in 2019. Among others, it legalized hemp and prohibited states from interfering with the interstate transport of hemp and hemp products. Fast forward to 2019, and Charlotte's Web is now the undisputed market leader in the hemp-derived CBD market. Besides other possible reasons, they apparently believe this approach serves their producers’ best interests. Raw materials include seeds, biomass, flowers, and transplants. This amount has jumped to $57 per pound in Q1 of 2019 and is expected to grow beyond $65 per pound in Q3. As of now, USDA’s website summary does not reference North Carolina. Montana submitted a production plan to USDA in February 2019. The hemp industry is a rapidly evolving market, but one that is ultimately shaped by policy. The positive aspects of the 2018 Farm Bill are well publicized. Because of this fragmentation, recent transaction prices vary widely. 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% Our third and final look at demand uses the US population estimate at 329 million. It appears the 2019 supply greatly exceeded demand and hemp fiber and grain feedstock prices plunged during 2019. Taking the longer view, the same report has projected sales of CBD products to exceed $24 billion in 2025. Isolate has been offered on the PanXchange trading platform as low as $1800/kg, which is dangerously undervalued, and at that price point, it is difficult for any producer to generate a profit. Kentucky’s Commissioner of Agriculture has declared the intent to make his state, the fourth largest producer in 2018, “the epicenter of hemp production in the United States.” Having had the second highest licensing level in 2019, it will be telling whether Kentucky performs similarly next year, including in terms of production. 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. North Carolina also increased licensed acreage from 4,548 in 2018 and 15,090 in 2019. Jeffery C. Lowe is an author and attorney in Tennessee with Hemp Dig, Inc., an online hemp and hemp products marketplace. The new law also authorized states either to develop their own production plans or to rely on USDA’s plan in the IFR. Industrial Hemp: Caution is Key – 5 Risk Factors. 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. 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. USDA’s Agricultural Marketing Service (AMS) has outlined how states and tribes can submit plans that enable producers to grow hemp in those areas. In fact, the average offers received on hemp raw materials listings is 1.47. Hemp Benchmarks®, a division of New Leaf Data Services, is a leading provider of financial, business and industry data for the North American cannabis markets, offering comprehensive and unique benchmark services for public and private organizations, and financial institutions. With the rise in the prices o… Charlotte’s Web is one of the largest hemp consumer packaged good (CPG) manufacturers, and one of the few that are publicly traded. TDA submitted a draft production plan to USDA in February 2019, which the agency failed to address, presumably pending issuance of the IFR. 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. From October – December of 2018, hemp biomass averaged only $54 per pound. There are a number of ways that you can get more for your products, and Kush.com is a great place to start. Looking back to October 2018, hemp biomass has sold for around $35 -$75 per pound, with an average of $56 based on actual sales data. Moreover, there are substantial price gaps based on quality. So where does hemp fit into this economic picture? According to their third quarter statement, Charlotte’s Web projected between $90 million and $100 million in revenue for the calendar year 2019. This report was generated using Health Canada data available from January 1, 2018 to February 4, 2019. 2019/2020 Supply. Some rely on personal connections, others on industry knowledge. Industrial Hemp in the United States: Status and Market Potential. by Economic Research Service. With costs of production ranging from $300 to $350, it’s possible for you to make somewhere between $250 and $300 per acre. Projections for 2019 are dire, with farmers set to lose $47 per acre. Unlike more mature commodity markets, behavior in the hemp market remains erratic, wherein a subtle gap in quality fragments the market even further. October 2019 Hemp Market Update: PanXchange Benchmark Pricing ... as producers harvest fresh biomass and it enters the market. CBD RICH LOUISIANA on July 4th, 2019 - 8:36pm With a total near 294,000 acres of land leased upon which to grow hemp and using a conservative estimate of 2,000 lbs harvest per acre the US yield at 2019 harvest would be 588,000,000 lbs of biomass. Looking at per seed prices, we have seen everything from $0.15 per seed to over $1 per seed, but find that the average cost per unit is around $0.55 for quality genetics. We already have observed biomass prices decline by 20% to 40% from April to September 2019, depending on transaction volume. Note that the report claims that they do not sell raw material— biomass and refined inputs into the market in the event of a surplus. 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. 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. CBG biomass continues to garner interest in the market, with offers posted on PanXchange’s trading platform between $150/lb and $200/lb for near term delivery. ... August 27, 2019 News Release: Hemp … However, it’s important to begin the discussion on the biomass to distillate conversion so that we can begin to tie actual supply with demand. 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. This is in stark contrast to cannabis, which is seeing the market begin to level out. We know that this market will continue to grow at a rapid pace, but for the moment, we are grossly oversupplied with raw hemp ingredients as shown below. The listening session will be held in the form of a webinar and will be open to the general public. The Canadian price per pound grown of industrial hemp plant has fallen this year. Prices - Correlation Matrix Page 4 Mixed Expectations on 2019 Hemp Harvest Page 5 Weather & Crop Reports Page 5 Supply Levels Opaque Page 7 2019 Estimates of Biomass Yield & Value Page 9 Autoflowering Cultivars Page 11 Supply Chain Hurdles Page 12 Federal Regulatory Update Page 14 Growing Public Acceptance of CBD Page 17 Industrial Seeds Market Value The value of industrial seeds more than doubled from May to October 2019, according to Hemp Benchmarks. Full Hemp Benchmarks Spot Price Index Report Includes: INDUSTRIAL HEMP: GLOBAL MARKETS AND PRICES Valerie L. Vantreese Revised June 1997 Ms. Vantreese is an economist with the Department of Agricultural Economics, College of Agriculture, University of Kentucky. Implementing such a plan will likely require Florida to revise its newly enacted law, a prospect other states will confront, as well. CNS Canada — Canadian prices for hemp likely won’t change very much in 2019, according to Clarence Shwaluk of Fresh Hemp Foods in Winnipeg. Note that each of the three scenarios below are based on the following assumptions: Scenario 1: Charlotte’s Web: A case study. ... Hemp crops grown or processed during 2019 still have to operate within the state pilot programs authorized by the 2014 Farm Bill. 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. Ever since the 2018 Farm Bill passed, the hemp industry has been under a microscope. There’s a whole lot of price discovering going on with hemp all throughout the year. Congress legalized industrial hemp and CBD in 2018, clearing the way for expanded planting. Biomass markets continue to bifurcate between two markets: 1) the market transacting at fair market values dictated by supply and demand; 2) a market rife with desperate sellers and opportunist buyers. In this scenario, the CBD industry would need about 40 million pounds of biomass, which can be grown on approximately 20,700 acres taking into account yield of 1,900 pounds of homogenized biomass per acre planted, ready for extraction. Note that actual harvest data for 2019 are not yet available. By comparison, USDA’s website states that Tennessee’s production plan is “under review.”. Of course, the 2018 Farm Bill also extended the 2014 Farm Bill authority for one year. 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. States interpreted their 2014 Farm Bill authority quite broadly. 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). Upon becoming law last December, the 2018 Farm Bill was viewed by many, including states, as immediately authorizing even greater hemp production. Isolate movement continues to be slow, with many producers switching their formulations to distillate due to concerns of pending patent exclusivity. Looking at the chart, we would expect to see the Average Offer Accept Priceto be consistently lower than the Average List Price, but this isn’t the case. One consumer taking 30 mg per day would spend over $600/year if the CBD cost is $0.05 mg and spend over $1,500/yr if the cost were $0.1439 mg (see section 1). Our leadership is composed of leading international, federal, state, private industry, and government professionals throughout the sector. Hemp to the Rescue. Start growing your business with Kush today. Taking the Brightfield estimate of total CBD sales in the United States of approximately $4 billion (see below), Charlotte’s Web would comprise 2.4% of sales. Texas, despite having tremendous potential, delayed authorizing any hemp production, even in 2019, until after USDA issued the IFR. It appears the 2019 supply greatly exceeded demand and hemp fiber and grain feedstock prices plunged during 2019. If you’re looking for a consistent supplier of CBD Isolate, check out the listing below: Email: 844.587.5874. It’s difficult to gauge which state strategy is preferable. Montana and North Carolina, ranked first and sixth, are taking more nuanced routes, but will likely arrive at the same outcome. Not getting an offer that you think is fair? With the passing of the 2018 Farm Bill, the hemp market is sure to be flooded with product from new growers in 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. To avoid repetition, only “states” are referenced here. Please keep that in mind while making decisions regarding your business / company. With most products receiving multiple, competing offers, sellers have been able to increase the wholesale price of hemp biomass. The North Carolina Department of Agriculture (NCDA) states on its website that, until further notice, it will continue operating its pilot program. 11) License fee: See 2019 Tennessee Department of Agriculture Industrial Hemp Application guidelines. Delta-8 THC: Another Look. "The forward-thinking industry leaders who have partnered on this endeavor see the potential for hemp as an agricultural commodity and understand this industry can contribute to the environment and sustainable products that benefit, at the grassroots level, farmers and consumers. ", "Industrial hemp provides a unique economic opportunity for farmers and all of rural America," said Michael Bowman, co-founder of First Crop. 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. Create your Kush.com account here to view current industry pricing data >>. This might present larger issues to the industry that could cause regional prices to spike or fall. She can be reached at Valerie L. Vantreese 406 Agricultural Engineering Building According to interviews with state officials, the Montana Department of Agriculture (MDA) has expressed concerns to USDA over the IFR, to include the requirement that cannabis with more than 0.3% THC but below 0.5% be destroyed. It was truly a team effort. Samples were to be taken within two weeks of the projected harvest date. Fast forward to 2019, and Charlotte's Web is now the undisputed market leader in the hemp-derived CBD market. The Kentucky Department of Agriculture (KDA) states on its website: “The 2019 program year is the end of the research pilot program” as the state prepares “to transition to full commercial production…for 2020 under a USDA approved state plan.” New regulations for 2020 will be released as soon as possible after USDA approval. Hemp biomass typically sells for around $35 -$75 per pound, with an average of $56 based on actual sales data. Vote Hemp reports that Kentucky’s harvest rose from 3,271 acres in 2017 to 6,700 in 2018. She can be reached at Valerie L. Vantreese 406 Agricultural Engineering Building Share 5. Chart 1.08: Annual U.S. Hemp Fiber, Seed & Oil Sales Estimates: 2019-2024 Chart 1.09: Imported Hemp Products Overview Chart 1.10: Top 10 Exporters Of Hemp Products To The United States In 2018 Conversely, states that choose to implement the IFR now may view delaying as disadvantageous. Wilcox is a well-known ag and food leader who has held executive roles at Hershey, the USDA and the Organic Trade Association. Moreover as prices have been declining across most hemp products, industrial hemp seed prices are on the rise. 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. Product Units May 2019 June 2019 MoM $Chg MoM %Chg Biomass (0 – 25k pounds) $ / %CBD / pound $4.05 $4.02 ($0.03) -0.7% Biomass (25k – 100k pounds) $ / %CBD / pound $3.70 $3.61 ($0.09) -2.4% Make Informed Business Decisions With Confidence. 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. It references only the 2018 Farm Bill, suggesting that Florida has no intention to broaden its pilot program. Whether or when this will happen remains to be seen. The Brightfield Group’s Farm to Aisle: 2019 CBD Market Report, assessed 2019 CBD sales at $4 billion. But CDA officials confirmed their intention in interviews to operate Colorado’s pilot program through the 2020 growing season. Australian Primary Hemp in Geelong has contracted just under 400 hectares of hemp from Tasmania in 2019. Montana vies with Colorado as the leading hemp producer. Demand is set to grow at a rate that farmers may not be able to keep up with. 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. A Farm Bill listening session on industrial hemp production will occur on March 13, 2019. Globally, New Frontier Data, in New Year’s Worth of Pressing Topics for the Hemp Industry, assessed the US market to be 28% of global sales of CBD consumer packaged goods . Seed costs have fallen 66% to approximately $1.00/seed ($3.00/seed one year ago). The samples tested at 0.496% and 0.38% THC. Phone: The value of industrial seeds more than doubled from May to October 2019, according to Hemp Benchmarks. The industrial hemp applications are picking up momentum, but still represent a fraction of the market. “Our yields were where they needed to be in 2018 and we’re getting ready for 2019.” Twenty farmers received permits to grow industrial hemp in … industrial hemp prices 2019 4 December 2020 / in Geen categorie / by / in Geen categorie / by Looking at the data that we currently have available, it appears prices might actually climb. 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. Growers seeded 142,691 acres this year, according to Department of … The U.S. Department of Agriculture (USDA) has issued its hotly anticipated Interim Final Rule (IFR). Price risk is defined as the fluctuations in prices paid for inputs or received for outputs (commodities sold). For more information, visit the Hemp … Because North Carolina would then have no state plan, the Commission recommended permitting the pilot program to continue operating through 2020. Distillate prices have continued to soften, with about a 15% decrease from last month’s index price, both in broad spectrum and full spectrum. 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. This is staggering! In summary, until we get a clear picture of true supply, demand, and processing capabilities, one cannot anticipate future price movements in this nascent market. USDA has treated other states similarly. Nonetheless, it illustrates the enormity of the market’s total oversupply. 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. However, hemp and marijuana are different varieties of Cannabis sativa, which is classified as a controlled substance in the United States. But the IFR, which reflects USDA’s interpretation of the 2018 Farm Bill, also raises significant concerns. 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. The spot biomass market traded in the range of $3.45 – $4.50 per percentage point of CBD content (/point) throughout May. Tallian’s decriminalization bill is on Senate Democrats’ 2020 priority list, according to the news outlet, but Gov. All materials listed on RAWmarket.place need to be produced from industrial hemp grown in compliance with the USDA Final Rule. Assuming that 10% of the US population consumed CBD at a rate of 30mg/day, the US would consume 423,906 kilograms of 85% potency distillate a year. 2019 Hemp Harvest Estimates; U.S. Hemp Extraction Survey Results ... Visit Hemp Benchmarks on the web to read their free Hemp Benchmarks Monthly Report. Hemp and marijuana are varieties of the same species, cannabis sativa, and to the uninitiated look and smell alike. But USDA omits key details and misstates others. In general, homogenized biomass prices have continued to soften, with prices across the country firmly at or below $1 per percentage point of CBD. It is thus useful to examine the IFR alongside the 2014 and 2018 Farm Bills, together with a survey of how some states have approached hemp production previously and are responding to the IFR now. Rep. Jim Lucas (R-Seymour) has introduced a similar decriminalization proposal in the House, the Indy Star reported. Creating the bridge between cannabis and hemp producers/processors, and retailers. industrial hemp for fiber only, seed (grain) only, and dual purpose fiber and seed (grain), respectively. Hemp Biomass Prices 2019: A Look at Q1 Sales Data. Full spectrum is trading at a significant discount to broad spectrum, with the major cost difference the THC remediation process. South Bend Industrial Hemp was established in 2019 by Aaron, Richard, and Melissa. If prices erode, as many expect them to, the value of the biomass harvested this year will, of course, decrease. USHGA will meet in late February 2020 in San Antonio to secure founding partners and to install an initial board of directors. USDA seems likely to revise certain aspects of the IFR. 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. Its legalization of adult-use marijuana in 2012 may have given the state a head start on its hemp program. 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. "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. Many states soon enacted self-styled pilot programs. Sen. Karen Tallian (D-Ogden Dunes) filed three bills as part of a cannabis reform package in the Senate, according to an Indy Star report. 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