Maturing Hemp Markets
Prior to the 2018 Farm Bill, the hemp industry was entirely fragmented between a handful of states, and hemp prices were very good. Colorado, Oregon, and Kentucky were well positioned after some years of developing hemp markets, but these states picked up big acreage numbers in 2018, primarily from speculative growers that had no marketing contracts in place. This encouraged existing brokers, spawned more, and a feeding frenzy ensued, attracting large schools of sharks eager for a quick meal. As the hemp industry rapidly scaled in 2019, markets were barely coalescing, mainly on the back of those existing broker networks, often with ties to the MJ industry.
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