COVID-19’s impact on the hemp industry

We are getting a better picture of how COVID-19 has impacted the hemp market.

Analyst say that it caused a 40-50 percent drop in planted acres this year. After a year of low CBD oil sales, a chief science officers explains some companies promised growers they would purchased their hemp, but did not have a written agreement.

That lead to an 80 percent drop in the verbally promised price per pound.

They 2019 harvest saw a surplus crop many farmers stocked away instead of selling. AgriPulse reports that until new and existing markets can generate enough demand, the 2019 carry-over will continue to weigh on the CBD/hemp market.

USDA orders Colorado to revise its hemp plan.

Using industrial hemp as cattle feed.

Hemp goes mainstream.