Even with the autumn harvest coming in this month and last, the overall assessed price for CBD Biomass held steady in October, although there were slight downturns in prices for larger-volume deals. Reports from market participants have acknowledged declining production and suggested the biomass glut generated in 2019-2020 may be shrinking, but there has been uncertainty as to how price might respond.
While biomass prices held, rates for CBD extracts were observed to decline across the board in October. This includes a 16% month-over-month drop in the assessed price for THC Free CBD Distillate to an all-time low since Hemp Benchmarks began reporting prices for such product two years ago. Previously, THC Free Distillate had seen its price on the upswing in the previous quarter, which had also helped lift the overall price for the Refined Hemp Oil category.
Movement in CBG Biomass and extract prices broadly mirrored that reported for their CBD counterparts. Prices for CBG Biomass and CBG Distillate have fallen to levels comparable to their CBD analogs recently, while CBG Isolate’s October assessed price settled 2.7 times above that for CBD Isolate.
Delta-8 & Delta-10 THC Distillate*
The observed price for Delta-8 THC Distillate declined for the fourth consecutive month, slipping 4% from September to average $879 per kilogram in October. The low end of the reported price range remained stable from September to October at $550 per kilogram. The high end of the observed price range dropped by $100 from September to $1,200 per kilogram this month.
Hemp Benchmarks this month received sufficient transaction data to report prices for Delta-10 THC Distillate for the first time. Delta-10 THC Distillate averaged $3,580 per kilogram in October, more than four times the average price for delta-8 THC distillate. Observed deals for delta-10 THC ranged between $3,000 and $4,400 per kilogram.
Smokable Hemp Flower
The overall assessed price for all types of smokable CBD Flower climbed a bit once again in October, largely on a notable uptick in the price for indoor-grown product. Price data by grow type shows rates for indoor-grown flower jumping in October, while prices for greenhouse product were stable. The average price for outdoor-grown CBD Flower sank significantly in October, likely due to increased supplies from this year’s autumn harvest coming to market.
Indoor-Grown CBD Flower (Bulk)
- Average: Up 13% from September
- Low – High: $350 – $950 per pound
- The average price is 123% higher than the overall CBD Flower spot price.
Greenhouse-Grown CBD Flower (Bulk)
- Average Down $4 from September
- Low – High: $125 – $700 per pound.
- The average price is 40% higher than the overall CBD Flower spot price.
Outdoor-Grown CBD Flower (Bulk)
- Average: Down 24% from September
- Low – High: $50 – $400 per pound
- The average price is 46% lower than the overall CBD Flower spot price.
Smokable CBG Flower* prices slid 12% in October to average $216 per pound. The observed price range for individual transactions tightened month-over-month, with deals from $70 to $450 per pound reported by our Price Contributor Network. The high end of the range is down considerably from the $700 per pound level observed in September.
CBN Isolate*
Hemp Benchmarks also received sufficient transaction data this month to report prices for CBN Isolate for the first time. According to reported deals from our Price Contributor Network, the average price for CBN Isolate in October was $3,827 per kilogram, with individual transactions spanning between $2,800 and $4,500 per kilogram. October’s CBN Isolate price is almost eight times higher than that for CBD Isolate and almost three times higher than that for CBG Isolate.
[*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 and CBG Biomass prices largely stable, but down slightly as harvest is brought in; CBD extract prices slide uniformly in October; Delta-8 THC prices continue to decline; Hemp Benchmarks debuts Delta-10 THC and CBN Isolate price data.
October Production Update
Reports of drought stunting hemp crops in the West documented for the second straight month; growers elsewhere report good harvest season conditions.
Delta-8 THC Latest
Market participants continue to report strong demand and sales of delta-8 THC as an increasing number of states declare the compound illegal or attempt to regulate it.
Federal Regulatory Updates
USDA hemp production survey underway; USPS rule will disallow mailing most hemp vape products; bill to allow hemp as a dietary supplement expected to move forward.
Industry Updates
Levis touts increased use of hemp fibers in sustainability report; Charlotte’s Web says it will expand distribution in California after passage of AB 45
Research Updates
NIFA grants to fund additional research into hemp and hemp markets; AAFCO position paper again calls for more research on hemp as animal feed.
State Updates
Developments in hemp regulation, licensing and acreage, and growing conditions from 11 states.
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