Wholesale hemp product pricing experienced limited changes during the first month of 2025. Slight declines in individual CBD Biomass and CBG Biomass categories occurred as supply of processed material is robust and input material demand weakened. CBD distillate pricing had the most noticeable decline across all categories; while CBD Isolate demand remains strong, with prices responding accordingly.
Smokable flower prices declined across the board this month. CBD flower is down 3.6%, CBG flower lost 2.0%, and THCa flower had the largest price decrease, losing 11.0% in the first month of the year. Indoor flower prices across these product categories had the greatest impact on the aggregate price assessments.
THCa flower prices have now declined for the fourth month in a row. Recent spot prices for Delta-9 THC flower grown by licensed cannabis cultivators and reported on by Cannabis Benchmarks are the lowest they have been in recorded history, and it appears that THCa flower grown by hemp licensees is following the same trend. Demand is still strong for the intoxicating hemp product, yet competition, interstate commerce, and consumer indifference for who they purchase from continue to apply downward pricing pressure.
Not surprisingly, Crude CBD Oil prices remain steady, as they have for the past 8 months. Refined CBD hemp distillate products had the most notable price movement this month. After experiencing increased price movement over the last 2 months of 2024, all CBD distillate categories reported on by Hemp Benchmarks saw a 4%-5% decline in January. CBD Isolate prices continued to climb in January. This marks 6 months of price increases. As one of the primary inputs to many isomers that have been adopted by consumers, CBD Isolate prices have risen by nearly 18% since January 2024.
After halting a decline in prices to end 2024, Delta-8 THC Distillate and Delta-10 THC Distillate both lost value this month. The Delta-8 THC Distillate price decline was minimal, while Delta-10 THC Distillate suffered a larger decrease, losing 2.4%. Since January 2024, Delta-8 THC Distillate prices are up 8%, while Delta-10 THC Distillate has experienced a double digit decline of 21%.