SPRINGFIELD, Ore. — A glut of appropriate cannabis is driving Oregon pot prices to rock-bottom levels, prompting some nervous growers to start out pivoting to a different variety of cannabis to create ends meet — one which does not include a higher.
Applications for state licenses to cultivate hemp — marijuana’s cousin that is non-intoxicating have increased significantly more than twentyfold since 2015, making Oregon # 2 behind Colorado among the list of 19 states with active hemp cultivation. The market that is rapidly evolving amid skyrocketing interest in a hemp-derived extract called cannabidiol, or CBD, seen by numerous as a wellness help.
In its purified form that is distilled CBD oil commands thousands of dollars per kg, and farmers will make significantly more than $100,000 an acre growing hemp flowers to create it. That distillate may also be changed into a form that is crystallized powder.
“Word in the road is everybody believes hemp’s the gold that is new,” Jerrad McCord said, whom grows cannabis in southern Oregon and simply included 12 acres (5 hectares) of hemp. “This is a company. You’ve surely got to adapt, and you’ve surely got to be described as a problem-solver.”