Too a lot product, some high-profile bankruptcies and continued regulatory uncertainty contributed to creating 2019 a tricky yr for hemp growers, however proponents of the versatile plant say it’s nonetheless viable in the long run for makes use of together with CBD (brief for cannabidiol), meals and fiber.
More than 500,000 acres have been licensed for hemp planting final season, a greater than a fourfold improve from the yr earlier than, advocacy group Vote Hemp estimated final fall. But the group additionally stated that often, solely half these acres are literally planted to hemp.
This season, Vote Hemp President Eric Steenstra says he’s listening to solely about half that quantity will likely be licensed, and will likely be accompanied by a major drop in planted acreage.
Prices plummeted over the winter for hemp biomass and different classes.
“There’s a lot out there” in storage, says Dion Oakes, a grower in Colorado’s San Luis Valley who began San Luis Valley Hemp Company along with his father-in-law. “That’s what we’re seeing with this market crash. People are trying to recoup what they can with product in stock.” In many instances, nonetheless, the standard just isn’t excellent, he says.
Part of the issue is a few growers didn’t heed warnings to ensure they’d a contract earlier than rising. Another downside is the business has been hit by bankruptcies, reminiscent of vertically built-in GenCanna Global and its associate, hemp producer and CBD producer Atalo Holdings in Kentucky. [Read More @ Agri-Pulse]