As harvest begins in earnest, there is a lot of speculation about price. There are a few services that provide market analysis and price charting such as https://www.hempbenchmarks.com/. There are likely others. Just be sure when you look at the one you want it’s a hemp market, not marijuana, since my research seems to yield a confounding of the two in reporting.
So what is the price? Pricing is certainly a complicated matter and until you receive a price ($$ in hand) you don’t know what the price for your product will be. For example, and offer of $3.00/%/lb. is not the same as getting a check for $3.00. And by no means, should an offer of $3.00 this week guarantee the same price will be available next week. Fresh market produce wholesalers are most familiar with the permutations and fluctuations of price, even when data are available from AMS such as terminal market prices, not something available for hemp, yet. Quality factors, other than %CBD may be taken into account when negotiations commence. This is another reason for a reputable 3rd party analysis with which to market your product. Testing for more than THC may be expensive but likely a good investment.
Again, produce farmers have much experience with this, and some protection under PACA and DAM bonding of dealers but many hemp might not have had those experiences. When approached by a buyer you may want to consider these things:
· Collect at least 50% as a “down payment” (preferably most of the costs you have invested to the point of sale) if someone wants to buy in the future but needs time to acquire whole payment etc.
· Have a contract when the balance will be paid and clear about the deadline when the crop will be released back to you if the second/full payment is not made.
· Don’t hold anything for anyone. Until it is paid on full, or you have a contract for purchase, remain free to do with the crop as you please.
· Until the check clears, it is your crop. Well, there are some contractual points once you accept the check for a price and quantity but be prepared if the payment is not completed. Chasing a bounced check could take weeks. All the while, missed opportunities to sell could occur.
· And, probably most importantly, if you do not have “history with a buyer” do not deliver or send on a truck off your farm without payment in full.
· Talk to your attorney about what to do when payments do not go smoothly.
Reporting Theft of Crop
Report any crop theft to local authorities. Please be sure they “loop-in” law enforcement of greater municipality (Sheriff, State Police). Often farm thefts of money or crop are carried out by the same individuals/group across town and county lines. If law enforcement is not communicating across those lines the perpetrators, potentially, could go unapprehend longer. Hemp producers want to do their best to cooperate and reduce the entrance of their crop into the illicit stream of marijuana at every turn.
Cornell Offers Hemp Science Masters of Professional Studies:
Groups to Join/Watch:
List of hemp-focused groups that may be good to participate with or just watch news they generate
- The Hemp Industries Association (HIA) (founded in 1994); a member-driven 501(c)(6) trade association; www.TheHIA.org
- The U.S. Hemp Roundtable -a 501(c)(4) advocacy organization; www.HempSupporter.com
- The U.S. Hemp Authority (independent, third party verified, certification program for safety and quality assurance in hemp cultivation and processing); a 501(c)(6) trade association; www.USHempAuthority.org
- The National Hemp Association –www.NationalHempAssociation.org
- NY Hemp Industries Association – https://www.facebook.com/pg/New-York-Hemp-372460796262784/about/?tab=page_info
Additional list here: https://hemptoday.net/organizations/
US Hemp Growers Expos – around the country https://ushempexpos.com/
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