After the assessed price for smaller transactions of CBD Biomass saw some positive movement last month, the aggregate price for all volume brackets ticked up 8% this week. October 2023’s price for biomass is the highest observed in a year, matching the price we reported in October 2022.
Apart from a rise in the assessed price for Crude CBD Oil, wholesale prices for all other types of CBD extracts reported by Hemp Benchmarks continued to slide this month. The observed price for Refined CBD Oil – a category that encompasses various types of distillates – is down only 1% year-on-year this month, but it is still the lowest price recorded since September 2022. This month’s price for CBD Isolate is approaching the historic low for the category.
Recent price movement for CBD biomass and extracts suggests that biomass may be beginning to climb up from the trough observed this summer. Meanwhile, continued lack of recovery in prices for CBD extracts – and, indeed, persistent small declines month-on-month – indicate that wholesale prices for such products could be close to finding their bottom.
The observed price for Delta-8 THC Distillate dropped sharply this month, falling 9% from the prior month to $429 per kilogram. Delta-10 THC Distillate averaged $1,084 per kilogram in October, down 15% from the previous month. Hemp Benchmarks was able to observe price data for HHC* this month. Wholesale prices for HHC distillate averaged $645 per kilogram, down 12% from the month prior. Smokable CBD Flower’s overall assessed price rose for the third straight month in a row in October, as all grow types saw upticks.
HEADLINES FROM THE FULL REPORT
October Hemp Production Update
New reports add to 2023 planted acreage total; market participants still focusing on building up fiber sector, hopeful for regulatory improvements from upcoming Farm Bill.
Latin American Hemp Market Update
Firms across the region working on research and development for fiber hemp-based products and applications.
Hemp Industry & Research Updates
Cornell University researchers identify gene for powdery mildew resistance in hemp; separately, Cornell receives grant for hemp breeding program.
Federal Regulatory Updates
Congressional caucus pushing to lighten hemp’s regulatory burdens; USDA clears genetically modified hemp plant after review.
