New York growers are leaving industrial cannabis (hemp) and eager to take part in the state's legal market after it became the second-largest state to legalize for all adults with retail sales expected to begin as early as next year.
A jury in Montana just awarded more than $65 million to industrial cannabis growers in that state after being screwed by Canadian and American businessmen. Markets flipped dramatically from CBD to fiber and grain then commanded some 80% of product last year while the number of planted acres in Montana plummeted from 60,000 to just 12,000. Retail sales to all adults begins there in five months.
In my home state of South Dakota the Oglala Sioux Tribe is transitioning from hemp to flower as the Flandreau Santee Sioux have found success after tapping into the demand for therapeutic cannabis.
The industry is rebalancing, and farmers are resetting their expectations. Agriculture experts caution that it could take years for the U.S. hemp market to mature and stabilize. They say hemp likely will remain a specialty crop, like cherries or tulips, rather than competing with major commodities such as corn and soybeans. About 107,000 outdoor acres have been licensed so far this year, according to Hemp Benchmarks, a Stamford, Connecticut-based hemp industry data provider. That’s down from 580,000 licensed acres Hemp Benchmarks identified in 2019, a more than 80% drop.
A $65.5 Million Jury Verdict In Montana Reflects Industrial Hemp’s Dramatic Fall In Value https://t.co/fVBthcqQ9d pic.twitter.com/wHeoqRsz87
— Forbes Tech (@ForbesTech) August 6, 2021
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