February 2022 Hemp Spot Price Index Report

February 23, 2022

The overall assessed price for CBD Biomass was flat this month, after the prior two months saw rare gains. We noted in last month’s report that biomass prices also rose in the wake of 2020’s harvest, only to begin to trend downward from January 2021. The current post-harvest price bump has already outlasted the prior one, but it remains to be seen whether this month’s stagnation portends price erosion in the coming months.    

While CBD Biomass rates have lifted and stabilized recently, prices for CBD extracts continued to trend downward this month for the most part. As of this month, proportional year-on-year declines for most categories of CBD extracts are down by greater magnitudes than the price for CBD biomass in the same span. Even THC Free CBD Distillate, which had at previous points been observed to hold its value better than most other types of extracts, has seen consistent declines to reach record-low levels in recent months.    

Prices for various types of genetics – namely CBD clones, feminized CBD seeds, and their CBG counterparts – displayed relatively small price increases this month as producers look to secure stock for the coming season.

Delta-8 & Delta-10 THC Distillate*

The observed price for Delta-8 THC Distillate declined for the eighth consecutive month, slipping 5% from January to average $723 per kilogram in February. The low end of the reported price range rose back to $450 per kilogram, where it was observed in December 2021. The high end of the observed price range was stable at $1,100 per kilogram.  

Delta-10 THC Distillate averaged $2,367 per kilogram in February, down 9% from January, when we observed a 12% month-on-month downturn. Prices for delta-10 THC have fallen each month after Hemp Benchmarks began reporting them in October 2021. Observed deals for delta-10 THC ranged between $900 and $3,000 per kilogram this month, a comparable range to last month, when significant downward shifts in both the low and high end prices were observed from December. 

Smokable Hemp Flower

The overall assessed price for all types of smokable CBD Flower sank this month, as all grow types showed significant declines. Rates for outdoor and greenhouse flower fell by larger proportions than the assessed indoor flower price. Proportional declines observed across all grow types this month represent accelerated downturns compared to smaller decreases observed in prior months.  

Indoor-Grown CBD Flower (Bulk)

  • Average: Down 14% from January
  • The average price is 95% higher than the overall CBD Flower spot price. 

Greenhouse-Grown CBD Flower (Bulk)

  • Down 16% from January
  • The average price is 34% higher than the overall CBD Flower spot price. 

Outdoor-Grown CBD Flower (Bulk)

  • Down 21% from January 
  • The average price is 48% lower than the overall CBD Flower spot price.

Smokable CBG Flower* prices fell 3% this month. Apart from a 7% decline documented last month, rates for this product type have been relatively stable recently.

CBN Isolate*

The average observed price for CBN Isolate in January was $3,540 per kilogram, up 7% from January after consistent month-on-month declines from October 2021 through last month. Individual transactions were reported to span between $2,600 and $6,000 per kilogram this month.  

[*Editor’s Note: The prices quoted above for Delta-8 THC Distillate, Delta-10 THC Distillate, Smokable CBG Flower, and CBN Isolate are raw transaction data and do not constitute official Hemp Benchmarks price assessments. Transaction data for such products is currently being vetted to meet Hemp Benchmarks methodology requirements, which include, but are not limited to, several months of statistically significant data and consistent or increasing transaction volume.]

Price Commentary

CBD Biomass prices flat as smokable flower and extract prices slide; Delta-8 and Delta-10 THC price erosion continues.

February Production Update

First USDA hemp production survey assesses scope of 2021 crop as operators assess the path forward for fiber, grain, and cannabinoids.

Transportation Update

Shipping costs decline for the second straight month, by about 4%, according to Fide Freight

Federal Regulatory Updates

Industry hopeful newly-confirmed FDA chief will act on CBD; new bill would raise hemp’s THC limit to 1%.

Hemp Industry Updates

Multiple advances in hemp fiber and food industries announced this month.

Hemp Research Updates

OSU researcher behind hemp cannabinoids and COVID study expects preclinical trials to begin soon.

State Hemp Program Updates

Developments in hemp regulation, licensing and acreage, and growing conditions from numerous states.

Hemp Industries Association Midwest Hemp Council National Hemp Association