Currently, an increasing number of hemp CBD growers are adopting a more customized approach. "More and more individuals are becoming fascinated with cultivating smaller volumes of hemp and striving to prioritize excellence over quantity," expressed Phillip Alberti, a University of Illinois extension agent engaged in a multi-state hemp data initiative.
Craftsmanship can be lucrative. Hemp Benchmarks reports that high-quality CBD flower made with hemp can fetch about $300 per pound. Additionally, CBD biomass, consisting of leaves, buds, and some stalks, can sell for around $0.48 per percentage of CBD per pound.
The increasing demand for hemp production has led to a growing number of licensed indoor or greenhouse spaces, as farmers who target CBD flower prefer to cultivate their plants indoors. According to Ian Laird, the CFO and General Counsel of Hemp Benchmarks, this trend reflects the CBD market's evolution towards higher-quality products.
Entrepreneurs also have found a controversial new use for CBD oil. The extract can be processed into delta-8 THC, an intoxicant. Delta-8 products are showing up in gas stations, convenience stores, natural food stores and CBD shops, where kids as well as adults can buy them.
Some hemp advocates and lawyers for the cannabis industry say delta-8 THC products are legal, as the 2018 farm bill legalized all hemp derivatives and isomers. But the U.S. Drug Enforcement Administration has classified the cannabinoid as a dangerous drug.
"Most state laws are either unclear about it or don't expressly ban it," Thorne said. But that's changing, as more and more states crack down on the substance.
Kentucky entrepreneurs who manufacture, market or distribute delta-8 THC products could face prosecution, according to an April letter sent by the state agriculture department to hemp licensees. "Because there are no … exemptions for Delta-8 THC in the Kentucky Controlled Substances Act, those substances remain prohibited by state law," wrote Joe Bilby, general counsel for the agency.
California legislators are considering a bill that would tighten the definition of "industrial hemp" by requiring hemp extracts on store shelves to have a THC concentration of no more than 0.3%. Thorne said it would effectively ban delta-8 THC extracts.
A bill recently passed by the Oregon legislature would ban retailers from selling delta-8 THC to minors, give state marijuana officials more authority to regulate artificial cannabinoids, and require state regulators to limit the THC concentration of hemp products.
Steven Crowley, hemp and processing technician for the Oregon Liquor Control Commission, emphasized the need for regulators to remain mindful that delta-8 THC is not the sole new cannabinoid in circulation. According to Crowley, delta-10 is beginning to gain traction.
