A recent survey from The Jacobsen reveals hemp producers are gaining interest in growing hemp for minor cannabinoids, along with grain and fiber.
Cannabidiol (CBD) production will remain dominant for the 2020 hemp growing season, but newer cannabinoids, along with other uses for the crop, are beginning to gain traction.
That’s according to a recent 400-participant survey taken by The Jacobsen, a pricing and research firm based in Boulder, Colo.
The company’s survey, which was taken throughout the month of April, found nearly 80% of hemp farmers will be growing hemp for CBD this year. While a majority of farmers are still planning on dedicating their acreage to the popular cannabinoid, others are venturing into more minor cannabinoids. Nearly 15% of farmers plan on planting hemp varieties that are dominant in cannabigerol (CBG), the survey found.
“Producers are still experimenting with various hemp genetics, and some acreage will be planted to minor cannabinoids, including CBG, which will be the lion’s share in this category,” the report says. “Retail markets for CBG are developing but are sparse now, precluding any significant demand for the material.”
Meanwhile, grain is estimated to make up 3.6% of total planted acreage in 2020, while fiber is slated to make up just 2.5%, according to the survey. The report notes that hemp seed has global demand and its prices have been steady. And while demand for fiber is limited, “once companies with market-ready products seek out contracts for raw hemp fiber, acreage could increase dramatically in a very short period of time,” the report says.