MARYVILLE, Tenn. (WATE) – Hemp farmers from all over the country showed up to the International Hemp Auction and Market in Middle Tennessee this week.
The farmers were expecting bidding wars for their products. Instead farmers were only fetching about a quarter of the projected market price — or about $6 a pound.
Which is pretty low for hemp when farmers were expecting to get about $24 per pound.
“The average yield on an acre is between 2-3,000 pounds so you’re talking $12,000 to $18,000 for something that is an extremely high labor crop right now. Whereas if most people were to take that price they’re just losing money,” Ryan Rush, the owner of Rush Hemp Farms in Maryville, said.
Rush not only grows hemp but also processes the plant into CBD products. He tells WATE 6 On Your Side that some of the issue is an over-production of lower-quality hemp.
Many farmers have been getting into hemp farming as a new agriculture product with the explosion in the use of CBD products.
Farmers that did not sell at the auction will now have to find a way to sell their product to processors directly.
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