THE soaring global demand for hemp is demonstrated in the latest CanXChange Benchmark Report which shows that 60% of this year’s European crop has been pre-sold – with orders already placed for 2022.
CanXchange, which went live in February 2020, is a physical commodity exchange and wholesale data provider for industrial hemp and its many derivatives including; shives, fibres, CBD and seeds.
The exchange has over 250 fully-vetted customers with clients in over 25 countries and €50m of trade-able inventory from Europe, the US and South America. This second edition of its quarterly Benchmark Report highlights some significant developments in the hemp and non-psychoactive cannabinoid industry.
Supply Cannot Meet Demand
Speaking to BusinessCann Co-founder and Chief Financial Officer Sigfried Legeay, a former EQF/FX trader with BNP Paribas, elaborated on some of its key findings. It reports this year’s European industrial hemp harvest is unlikely to meet the growing demand.
He said: “The market for hurds, shives and for every product that is used from an industrial point of view is growing significantly.
“Some of the bigger co-operatives – the ones which have diversified into a range of products – are telling us that they cannot supply the demand of the customer and are already negotiating contracts for the 2022 season.