Farm to Market all but gave up on the industrial hemp farming contracts we were promised to deliver to farmers. Farm to Market originally signed the MOU with Cultiv8 in November 2019 expecting to contract as early as March 2020. With COVID delaying timelines beyond any expectation, it seemed illogical to promise anyone anything.
Our team dealt with disappointment after disappointment as we encouraged farmers to wait and warned farmers to avoid chasing the cannabinoid rush. Unfortunately, we watched as many farmers wasted dollars, resources and time to land in a dull market with prices dropping lower than all previous estimations even charted. The bottom fell out of the market for crude, distillate and isolate. Labs scrambled to find ways to put equipment to use. Delta 8 saved the day for labs looking for creative ways to stay afloat and now news from Colorado and other regulating bodies looks grim for the substance.
As we eagerly await good news in the month of June, we still encourage farmers to grow only what they have pre-sold and mitigate risks and expenses while the market is still finding its' legs. There is no reason to be stuck in a bad deal when a good deal comes along.