The assessed price of CBD Biomass sank to a new all-time low in November for the second consecutive month. It should be pointed out that persistently-declining prices for biomass are likely due in part to many remaining players in the hemp-CBD sector being vertically integrated, or at least having secure arrangements with cannabinoid hemp growers, thus suppressing demand for spot wholesale biomass. As we have reported previously, accounts from the field tell of a dwindling amount of viable CBD biomass available for sale, while state and federal data shows that this year’s CBD hemp production acreage is but a sliver of that which was farmed in 2019 and 2020.
While biomass prices remained depressed and in a downtrend, wholesale prices for extracted CBD again saw nearly across-the-board gains this month. The only exception was the price for CBD Isolate, which was flat. As we cover in the full report, CBD product sales continued to soften in Q3 of this year, based on filings from publicly traded companies. However, businesses manufacturing and selling hemp-THC products continue to be a viable sales channel for those looking to move CBD extracts.
Meanwhile, CBG extracts saw their assessed wholesale prices decline this month, with isolate continuing to plumb unprecedented depths. The assessed price for CBG Biomass ticked upward a bit, but remained largely stable within the tight range that has been observed since April 2022.
The observed price for Delta-8 THC Distillate slipped this month after three consecutive months on the upswing. The assessed price fell 3% to average $541 per kilogram in November. The range of reported prices spanned from $325 to $700 per kilogram.
Delta-10 THC Distillate averaged $1,275 per kilogram in November, down 14% from October and erasing gains made in the prior two months. Observed deals for delta-10 THC ranged between $1,000 and $1,500 per kilogram this month, with both ends of the range dropping $300 from the month prior.
Hemp Benchmarks is endeavoring to gather price data for additional forms of hemp-derived THC. This month, we were able to observe asking prices for HHC and THC-O distillate. Note that the following are asking prices and are not verified transactions. Asking prices for THC-O averaged just under $700 per kilogram, while ranging between $500 and $900 per kilogram. HHC distillate asking prices averaged $1,275 per kilogram, comparable to delta-10 THC, while ranging between $800 and $2,000 per kilogram.
Smokable CBD Flower’s overall assessed price bounced back this month on more reported deals for higher-priced indoor and greenhouse flower. It should be noted that Hemp Benchmarks CBD Flower price assessments are for bulk CBD flower only, and do not include flower infused with various forms of hemp-derived THC or other extracts. Based on our observations, outdoor flower infused with hemp-THC extracts can settle for between 2.5 to over 4.5 times the price of raw outdoor CBD flower.
November Hemp Production Update
Hemp fiber sector appears poised to expand further in 2023 after making gains this year.
Hemp CBD & THC Sales Update
CBD sales continued to soften in Q3, extending downtrend in revenues reported by public companies to nearly two years.
Latin American Hemp Market Update
Argentinean hemp stakeholders bullish that their country could develop into a hemp industry hub.
Hemp Transportation Update
Shipping rates climb in November on holiday demand, according to Fide Freight
Hemp Industry & Research Updates
Charlotte’s Web receives investment from major tobacco company; researchers recently published results on feeding hemp silage to dairy cows and fertilization rates for hemp grain crops.
Federal Hemp Regulatory Updates
Federal court rules 2018 Farm Bill did not expressly legalize sale of delta-8 THC; stakeholders continue to press FDA on hemp as animal feed and CBD regulations.
State Hemp Program Updates
Developments in hemp regulation, licensing and acreage, and growing conditions from numerous states.
