Industrial hemp seeds in the US cost $4.57 per pound; this is according to Hemp Benchmarks results of January 2020. The demand for industrial hemp seeds is high and the price may increase in 2020. However, this latest price was a decline from the previous close of 2019 price which was $5.59 per pound.
Hemp Benchmarks is an unbiased Price Reporting Agency (PRA) whose mandate is to establish transparency in hemp pricing.
The US Agricultural Act of 2018 legalized industrial hemp by removing it from the list of controlled substances and reclassifying it as any other agricultural produce. Since then, 47 states have moved to allow hemp cultivation under strict regulations.
Industrial hemp cultivation is regulated by the US Department of Agriculture (USDA). Each state sets its own rules and grants licenses for hemp cultivation within its boundaries.
What Is The Hemp Seed Cost Per Acre?
According to data from the USDA (Kentucky Task Force Estimates), the industrial hemp seed cost per acre is $196 for seed and $233 for certified seed.
Industrial hemp trees are grown close together to ensure that the stalks grow tall and thin. This is good for industrial fiber. About 400,000 trees are planted in an acre. On the flip side, only 160,000 CBD trees are planted in an acre.
One acre of industrial hemp produces 8,000 pounds of seeds which can yield up to 300 gallons of industrial hemp seed oil. This is three times more oil than is produced by similar seed oil crops.
How Much Does Industrial Hemp Seed Cost In Canada?
The cost of industrial hemp seeds in Canada will vary from one province to the next. In Alberta, for example, the cost is $409 per acre on dry land while it was $574 per acre on irrigated land.
It appears that the cost of growing industrial hemp is significantly cheaper in the US as compared to Canada. However, the cost will vary between Canadian provinces.
Industrial hemp has been legal in Canada since 1998 and it is grown for seed and fiber. To grow industrial hemp in Canada one must use pedigree seeds that have been approved by Health Canada. These seeds must contain less than 0.3% THC.
How Much Do Industrial Hemp Seeds Cost On Amazon?
You can find a variety of industrial hemp seeds on Amazon. The price ranges between $ 8- $ 12 per pound. This is almost double the price given by Hemp Benchmarks.
Economies of scale come into play here. Buying 5 pounds of industrial hemp seed will cost you significantly more than if you were buying thousands of pounds.
Are Feminized Industrial Hemp Seeds More Costly?
Industrial hemp feminized seeds are more expensive than ordinary seeds. You will notice that most sellers have prized their feminized varieties slightly higher, this is because it costs more to prepare feminized seeds.
Feminized industrial hemp seeds are seeds that have been specially bred to eliminate male chromosomes. In this way, they become “feminized” because they do not exhibit male characteristics.
But are feminized industrial hemp seeds worth the extra investment?
Even though they cost more initially, feminized seeds give higher yields. Growing feminized plants makes cultivation simple and eliminates the need for pruning and finally trying to eliminate the male plants. In the long run, you will recoup your investment. So yes, feminized industrial hemp seeds are worth their cost.
However, you should be aware that feminized seeds are genetically modified (GMO).
Will The Price of Industrial Hemp Seed Oil Increase in 2020?
The price of industrial hemp seeds may go higher in 2020; there is because there is a shortage of high-quality industrial hemp seeds.
In 1997, the average yield per acre globally was 876 pounds. This includes figures from the main industrial hemp producers which are China, France, Germany, and Eastern Canada. This seems to be decreasing and the problem could be a lack of high-quality seeds in the market.
Despite the glut of industrial hemp seeds in the market, the price of high-quality seeds may keep soaring as farmers scramble to lay their hands on these rare seeds.