November 2023 Hemp Spot Price Index Report

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November 29, 2023

The assessed price for CBD Biomass rose for the third consecutive month, climbing to its highest point since September 2022. Only about 5,800 acres were reported as planted with CBD hemp this year, while only about 7,700 acres were reported to have been planted in 2022. CBD hemp production in recent years represents a dramatic contraction relative to our estimate of over 250,000 acres planted with CBD hemp in 2019.

Although the wholesale price for biomass is showing signs of recovery, rates for all types of extracted CBD tracked by Hemp Benchmarks declined across the board this month. While the supply of biomass viable for extraction is dwindling, it appears that inventories of extracted CBD from prior years remain plentiful. In our interview with the head of a major hemp-cannabinoid manufacturer and distributor this month, available with a subscription, he stated that he did not anticipate supply constraints on CBD isolate or other inputs for his products for at least a year.

The observed price for Delta-8 THC Distillate recovered this month after a sharp decline last month, rising 9% per kilogram. Delta-10 THC Distillate is up 1% per kilogram from the previous month. November 2023’s assessed price for delta-10 THC distillate is down by 14% year-on-year. Hemp Benchmarks was able to observe price data for HHC this month. Wholesale prices for HHC distillate were down 8% from the month prior. HHC’s observed wholesale price this month is down 53% year-on-year. The average observed price for CBN Isolate in November was down 6% from the month prior. Smokable CBD Flower’s overall assessed price rose for the fourth straight month in a row on climbing prices for indoor and greenhouse-grown flower. Smokable CBG Flower prices held fairly steady for the third straight month, yet this month’s price for CBG flower is off 7% from a year ago.