Wholesale hemp prices continued their recent stability to open 2023, with nearly all product categories tracked by Hemp Benchmarks seeing relatively small month-on-month changes, if any at all. The assessed price of CBD Biomass held at its all-time low for the third month in a row. This despite the dramatic contraction in CBD biomass production that took place in 2022.
Wholesale prices for extracted CBD were also relatively steady from December 2022 to January 2023. However, most product categories saw prices fall significantly year-on-year. Meanwhile, the price for Full Spectrum CBD Distillate rose for the fourth month in a row, expanding its year-on-year price increase to 22%, from 10% last month.
Wholesale CBG product prices persisted in the stability that has characterized them since summer 2022, suggesting a small, but steady niche market. With acreage for all cannabinoid hemp shrinking so drastically last year – to under 8,000 acres, according to federal government data – it is likely that only a few hundred acres of CBG-dominant varieties were grown in the U.S. last year.
The observed price for Delta-8 THC Distillate ticked upward again in January, the second month in a row of climbing prices and the fifth of the last six months to see an increase. The assessed price rose 3% to average $574 per kilogram in January. The range of reported prices spanned from $375 to $750 per kilogram.
Delta-10 THC Distillate averaged $1,212 per kilogram in January, down 5% from December’s assessed price. Observed deals for delta-10 THC ranged between $1,000 and $1,500 per kilogram this month.
Hemp Benchmarks was again able to observe prices for HHC and THC-O distillates this month. Note that the following are asking prices and are not verified transactions. Asking prices for THC-O averaged $738 in January, up 8% month-on-month, while ranging between $500 and $1,200 per kilogram. HHC distillate asking prices averaged $1,007 per kilogram, down 13% from December, while ranging between $600 and $1,350 per kilogram.
Smokable CBD Flower’s overall assessed price remains one of the more stable product types in the hemp-CBD sector, with January 2023’s aggregate price for all grow types nearly identical to that observed a year ago.
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January Hemp Price Commentary
CBD Biomass and most extract prices stable to begin 2023, holding at low levels despite production pullback; Smokable CBD Flower price nearly flat from year ago.
January Hemp Production Update
After U.S. hemp production fell to its lowest-ever level in 2022, 2023 appears to be a wait-and-see year for the industry with major legislation pending.
Latin American Hemp Market Update
Ecuador’s hemp industry is in its early stages, but stakeholders say the country has one of the strongest regulatory foundations for hemp in the region.
Hemp Industry & Research Updates
Google to allow advertising of CBD products, but with major caveats; industry analytics firm releases report on delta-8 THC.
Federal Hemp Regulatory Updates
Congressional Research Service reports details issues that may be addressed in 2023 Farm Bill; FDA to face questions on its lack of action on CBD from new chair of U.S. House committee.
State Hemp Program Updates
Developments in hemp regulation, licensing and acreage, and growing conditions from numerous states.
