The assessed price for CBD Biomass was essentially flat to close 2023, but did rise by less than a cent, marking the fourth consecutive month that prices climbed. Wholesale prices for biomass by volume bracket also rose, including the first uptick in the largest volume bracket since November 2021.
In what has become a familiar refrain, although CBD biomass prices are showing signs of recovery, wholesale rates for CBD extracts continued to trend down in December. Expanding sales of delta-8 THC and other cannabinoids manufactured by hemp-derived CBD have failed to lift prices for CBD extracts, which continue to be plentiful in the wake of the glut stemming from the 2019 and 2020 harvests. Market participants have said that they do not foresee any tightening of supplies of CBD extracts for at least a year.
The observed price for Delta-8 THC Distillate declined by 4% this month. December 2023’s assessed price is off 20% from the price per kilogram in December 2022. Delta-10 THC Distillate was down 1% from the previous month. December 2023’s assessed price for delta-10 THC distillate is down by 15% year-on-year. Hemp Benchmarks was able to observe significant transaction data for HHC this month. Wholesale prices for HHC distillate are down 3% from the month prior. HHC’s observed wholesale price this month is down 50% year-on-year. The average observed price for CBN Isolate in December was also down 2% from the month prior.
December 2023 Hemp Spot Price Index Report Headlines
Wholesale Hemp Price Trends
CBD Flower and Distillates saw higher prices in 2023; Delta-8 THC wholesale price stabilized with Delta-10 appearing to follow.
U.S. Hemp Production
Nearly-final USDA data shows small increase in overall hemp acreage for 2023, thanks to expanded fiber crops.
CBD Sales & Retail Demand
Publicly traded CBD firms see downturns in revenue in 2023, face familiar difficulties going into 2024.
Federal Hemp Legislation & Regulation
CBD market experienced tough 2023 with unfavorable FDA decision and stalled legislation; federal court ruling generally favored delta-8 THC and hemp-cannabinoids.
State Hemp Program Updates
Developments in hemp regulation, licensing and acreage, and growing conditions from numerous states.
