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.