CBD Biomass prices once again demonstrated incremental increases in several volume categories this month, pushing the aggregate price up 3% in May. After several months of steady, although minimal, price increases, reports by the USDA indicate that acreage registered for hemp production has also increased in the U.S. Although the percentage of acreage planted has typically been far less than what is permitted, stabilized pricing for quality biomass is promising for hemp cannabinoid farmers.
Despite more hemp flower being grown for high levels of THCa, CBD flower continues to maintain its wholesale price. The Hemp Benchmarks aggregate CBD flower price climbed nearly 3% this month and is up over 12% from the same time last year. Indoor grown (down 8.3%) and greenhouse grown (down 2.3%) flower saw decreases in their price per pound this month, while outdoor grown CBD flower prices rose 11.6%.
Full Spectrum CBD Distillate and CBD Isolate both saw minimal increases this week, as did THC Free CBD Distillate. The largest gains this month out of all product categories tracked by Hemp Benchmarks were for CBG Distillate and CBG Isolate, climbing 10% and 9%, respectively. CBG distillate pricing has now increased for the past four months after seeing significant price declines entering 2024.
THCa flower prices saw a significant drop across all cultivation methods this month, with the aggregate price falling over 10%. The prices for THCa flower maintain a competitive price point with many legal cannabis markets tracked by our affiliated division Cannabis Benchmarks. As THCa cultivators are able to attract prices 3 times the average price of CBD flower, our analysts anticipate increased competition will continue applying downward pricing pressure on THCa products. While details of the 2024 Farm Bill regarding intoxicating compounds remain in limbo, THCa remains a high-margin product popular among consumers.
Both Delta-8 THC Distillate and Delta-10 THC Distillate again saw a decrease in their per kilogram price this month. Kilos of delta-8 declined 7.1% while delta-10 declined 1.9% per kilo. Price range compression continues for both product types.
The average price per pound for smokable CBD Flower saw the aggregate price assessment hold steady, climbing 3% per pound this month. Indoor grown flower prices experienced a 8.3% decline and greenhouse dropped 2.3% while outdoor grown smokable CBD flower prices were on the rise.
The average price per kilogram for CBN Isolate continued its upward trajectory this month, climbing 9.7% per kilogram. The upper range of prices hit $2,200 per kilogram this month after a compression of the pricing range in April.
