The wholesale hemp market finished 2024 with signs of stability and growth. Prices across the majority of categories reported on by Hemp Benchmarks saw significant growth to end this year compared with prices in December 2023.
CBD Biomass prices held steady overall, with growth in the 25k-100k pounds range. Genetics saw mixed results, with clones experiencing a rise in prices as consumer demand continues for indoor grown CBD and THCa flower. Seed stocks sit without much domestic demand, although international demand for large volume purchases of less stable genetics (a.k.a. old inventory) persists.
The aggregate Smokable CBD flower category saw its price assessment climb 5.1% per pound this month. This was the direct result of of rising demand for indoor grown CBD flower, which saw a price increase of 4.1% in December. Greenhouse grown and outdoor grown flower had minimal declines in pricing of less than $10 per pound in this month’s assessments.
Crude CBD Oil continues to be the most anchored product across the hemp lifecycle where pricing is concerned. With adjustments each month of a few dollars plus and minus, the December price assessment finished even with the price this time last year. The Refined Hemp Oil (Aggregate) index inched upward by 2% per kilo this month. Prices increased across all subcategories, with THC Free Distillate and Broad Spectrum Distillate making the most gains.
THCa flower prices continue to experience downward movement, losing value for the third month in a row. For December, the aggregate price assessment fell 5.8% per pound. Losses were experienced across all grow types, with outdoor grown flower experiencing the largest percentage decrease. This month’s THCa flower price assessment continued a path of convergence with the Cannabis Benchmarks U.S. Cannabis Spot Index. This should not come as a surprise, as the flower grown for THCa is arguably identical to what is grown by fully licensed cannabis growers.
THCv Isolate experienced a small percentage decline of 3.9% this month, yet this represents a loss of $333 per kilo, as this product is by far the most expensive compound in our price assessments. CBN Isolate traded on the wholesale market saw a decline in pricing this month. The average price per kilo in December fell 5.5%, with the high and low prices both declining this month, an indicator that supply levels may have begun to outgrow demand. After a large decline the previous month, prices for CBC Isolate held steady in December, up marginally at 0.5%.
After beginning the first two-thirds of the final quarter of 2024 on the decline, Delta-8 THC Distillate and Delta-10 THC Distillate pricing steadied this month. Although each category only experienced minimal gains, 2.5% and 1.4% respectively, any positive movement is welcomed by producers. Delta-10 THC Distillate pricing has been on a steady downward trajectory since the beginning of this year and is now holding the line with its Delta-8 counterpart.
