The 2022 hemp harvest in the U.S. is expected to shrink by nearly half this year, falling from roughly 36,925 acres in 2021 to about 20,000 acres as all outputs are in decline, according to government figures and projections from Denver-based analyst PanXchange.
PanXchange projects the 2022 flower harvest at 6,400-6,800 acres, expects the fiber harvest will range from just 8,200-9,100 acres, and estimates grain will be brought in from as few as 4,800 to 5,000 acres this year. That would mean roughly a 46% drop in harvested acres in 2022 based on comparative figures in the first-ever hemp crop report from the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) carried out for the 2021 harvest season.
The discouraging numbers follow a disturbing trend that started in 2019 when U.S. farmers planted about 500,000 acres but harvested only 120,000 as a worldwide crash in the CBD market took hold. Since that time, prices for CBD biomass have plunged from historical highs by as much as 90%, sparking a stampede out of the sector that has dragged down industrial hemp overall.
Read the entire article at Hemp Today