Thousands of U.S. farmers who rushed to plant newly legal hemp crops in hopes of cashing in on the plant's entrance into the market, now can't find buyers after the first harvest
- Dan Maclure planted eight acres of hemp on his Vermont farm for the first time this year, aiming to cash in on the exploding demand for CBD, a derivative of the plant reputed to ease anxiety and other ills without the high of its close cousin, marijuana.
Maclure is one of thousands of U.S. farmers who poured into the crop after the passage of the 2018 Farm Bill, which legalized the cultivation of hemp, a form of cannabis with low concentrations of THC, the main psychoactive agent in marijuana. “People entered in on speculation,” said Chase Hubbard, hemp commodities analyst at The Jacobsen, a price reporting agency. “The results could be tragic for some small farmers.”
Last April, as farmers planted, a pound of hemp biomass sold for about $40. Now, as farmers harvest and take their crops to market, the same amount sells for $18-$25, according to PanXchange, a commodities platform. “Mom and pop are not going to be able to compete on this playing field,” said Michael Gordon, co-CEO of Kush.com, a major hemp wholesale marketplace. “The hemp industry is more like canola oil than craft brewing.”
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