The CBD boom is over and the hemp harvest season is ending, which means that the cannabis industry faces a serious bust. The November 2021 Hemp Benchmarks Report includes financial results from publicly traded CBD companies. These findings reflect a stagnant market in 2021. Despite a decline in wholesale prices, hemp-derived THC companies (Delta-8) are still seeing solid revenues. LFTD saw $29million in combined sales during the third quarter. Meanwhile, Charlotte’s Web (OTC CWBHF), the oldest hemp CBD company in America, reported a revenue decrease of 6%. Similar trends were reported by other publicly traded CBD companies like cbdmd, CV Science , and CV Technologies .
The trend in wholesale prices for different types of CBD continues to decline. Hemp Benchmarks reports that the number of acres of hemp planted and harvested this year was roughly half of what it was in 2020. There is a glut in hemp biomass and CBD-derived CBD products on the market. In addition to the lack of growth in non-intoxicating cannabis oils, the popularity of synthetic CBD-derived CBD products will mean more problems for CBD product sales. The coronavirus pandemic has also had an impact on consumer spending, including regulatory uncertainty.
A recent U.S. The U.S. CBD Market Industry Update, published by Brightfield Group, projects significant sales growth in 2022. This is due to a holiday jump and a boost from California Assembly Bill 45. It legalizes CBD production and sale in California and allows it to be added into foods and sold as a dietary supplement. The possibility that California might restrict sales of Delta-8 THC products only to state-issued marijuana licenses may provide non-toxic CBD products an important boost.
Hemp farmers can also take comfort in the increased interest in hemp fiber, and grain. The National Hemp Association submitted in December a request report to the White House. It predicted that hemp fiber and grain would have a $32 trillion dollar impact by 2030. Hemp is a crop that sequesters carbon dioxide, creates nutrient rich soil, and therefore offers great potential as a rotational crop for farmers who currently grow soy, wheat, and corn. Hemp fiber could be used as the basis of thousands of products in the supply chain.
It will take a significant investment in time, resources and education to ensure the success of hemp fiber. However, big brands such as Nike and Georgia-Pacific are already promoting hemp-based products. To minimize risks for farmers growing hemp fiber or grain, they can purchase certified seed (an option that does not apply to CBD plant seed). Contracts for growing hemp both for fiber and seed are increasing as manufacturers explore new ways to use this versatile plant.
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