After a brutal shake-out that chopped hemp acreage in half in two years, the industry is focusing on hemp as a source of grain and fiber, a less profitable but possibly steadier market than cannabinoid (CBD) oil, used in food, beverages and dietary supplements. Analysts say the unclear regulatory status of CBD has throttled sales.
Growers rushed into industrial hemp following legalization of the crop by the 2018 farm bill, attracted by reports of high revenue from hemp sold for processing into CBD oil. But the pandemic and a glut of hemp crushed wholesale prices.
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