Hemp Prices Plummet as Supply Exceeds CBD Demand
According to the CEO of PanXchange, Julie Lerner, hemp prices are on a downward turn due to the oversupplied hemp markets, and regardless of highly-priced CBD products such as $70 foot cream. In July last year, before the 2019 harvest hit the market, hemp biomass was selling at $40 per pound. However, a pound of hemp biomass is now going for $10, which is triple the drop from 2018 to 2019, said Lerner. The CBD consumer market is limited because the United States Food and Drug Administrations has prohibited the infusion of food or dietary supplements with CBD, but some…