A new report by Colorado-based commodity exchange PanXchange says the 2022 hemp harvest will be 46% smaller than last year’s harvest. The report, outlined by Marijuana Business Daily, indicates that nearly 75% of CBD extract is being used for Delta-8 and Delta-9 THC products, reducing the demand for traditional CBD products.
Farmers grew around 36,925 acres of hemp in 2021, according to the U.S. Department of Agriculture’s National Agricultural Statistics Service. However, only 20,000 acres are expected to be harvested this year. This year’s harvest includes 6,400 to 6,800 acres of hemp flower, 8,200 to 9,100 acres of hemp fiber, and 4,800 to 5,000 acres of hemp grain.
Hemp was federally legalized as part of the 2018 federal Farm Bill. Although this legalized hemp nationwide, many states have developed their own regulations for hemp-derived cannabinoid products including CBD and delta-8 THC, which is a cannabinoid similar to delta-9 THC but which can be synthesized from CBD.
While the hemp industry fluctuates, some licensed cannabis companies have expressed concern about the growing hemp consumer goods market. The California Cannabis Industry Association released a white paper last month describing the nationwide sale of intoxicating hemp-derived cannabinoids like delta-8 THC as a public health crisis, claiming “loopholes in the federal definition of hemp are being exploited … to sell extremely potent, often chemically synthesized intoxicants that are more powerful than anything available in licensed cannabis dispensaries.”
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