The Canadian price per pound grown of industrial hemp plant has fallen this year. Multiple different shifts in the hemp industry has accounted for this, including over supply of industrial hemp seeds for nutritional purposes throughout the country from 2017 to 2018.
Even though there was “a bit of oversupply” according to Russ Crawford, President of the Canadian Hemp Trade Alliance, he does expect an influx of hemp growers for 2018. Russ Crawford believe the actual price per pound of grown industrial hemp to yield $.50 cents per pound for famers in Canada. On the contrary organic hemp farmers will profit significantly more, equaling out to around $1.85 per pound.
Another reason for the dropping prices across the country is the easing of legislation in favor of industrial hemp farming in the United States. This has caused a decrease in the amount of exports of hemp based products from Canada into the United States. Senator Mitch McConnell has now introduced the Industrial Hemp Farming Act of 2018 which seeks to decriminalize hemp and classify the plant as an agricultural commodity.
With a number of new businesses involved in the industrial hemp product space its not surprising that the Canadian price per pound of industrial hemp seeds has dropped. Though this may be the case, the rising popularity in Cannabidiol, or CBD, products will ensure the profitability for current and future farmers interested in growing industrial hemp for commercial purposes.
Canada is expected to legalize the extraction of industrial hemp in July 2018 which will surely have a positive impact on the industry as a whole.
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