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Hemp Prices Plunge as CBD Demand Falls Short: Cannabis Weekly

  • Hemp biomass trades at $10/lb, down from $40/lb in July
  • PanXchange CEO says market is ‘rife with desperate sellers’
A Tiny African Kingdom Wants to Export Its Cannabis to the World

Photographer: Waldo Swiegers/Bloomberg 

Updated on

It may not be apparent when you’re spending $70 on CBD foot cream, but hemp prices are plunging amid a “grossly oversupplied” market, according to the head of the industry’s first price provider.

Hemp biomass prices reached a high of over $40 a pound in July, just before the 2019 harvest came in, according to PanXchange Chief Executive Officer Julie Lerner. Today, it’s trading under $10 a pound following a quadrupling of supply from 2018 to 2019.