The euphoria from the burgeoning prospects of U.S. hemp, grown as an alternative to mainstream crops caught in a trade war, has turned to caution.
In the first year of widespread commercial cultivation, hemp planting quadrupled as growers sought a profitable alternative to crops such as soybeans ensnared in the U.S.-China trade dispute. The hemp-derived compound cannabidiol, known as CBD, has a non-psychoactive cannabis ingredient at the center of a wellness trend sweeping the nation, showing up in everything from beauty products to dietary supplements.
Prices for some CBD components have fallen on the Denver-based price platform PanXchange, slumping before an expected expansion in supplies. “We’re definitely seeing some downward pressure on refined products over the last few months,” RJ Hopp, the director of hemp markets at PanXchange.
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