Has the coronavirus impacted the hemp industry?
Has the coronavirus impacted the hemp industry?
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wordsmith
Due to Covid-19, in a blink of an eye, a lot of things have changed. Everyone and everything is affected by this pandemic, even the hemp industry. A very slow movement has been felt and experienced in the industry like the shipping of hemp or CBD products, a lot of unprocessed hemp, and the supply and demand of hemp and its products. There is also a shortage of manpower, supply chain, and market disturbance.
Cleverclogs
People, the global supply chain, market shifts, and prices; are all significant aspects of the hemp industry that have been impacted by COVID. However, I think it’s safe to say that everyone in every sector has been affected some way, although some have certainly had it better than others!
acevedobenitez
COVID has effected the whole world in similar ways. Even with farming, shipping, and production jobs considered essential with no shutdown decrees, people are getting sick. With the shutdown regulations, offices and facilities have to work around social distancing guidelines and keep to a reduced workforce or only skeleton crews. Because of this, the hemp industry has been effected like every other. Slow or no production for a month or several months. The business will pick back up; it is just a matter of when right now.
HempGuru
Yes, unfortunately, the hemp industry was also affected by the coronavirus, just like everyone else. The main problem is that product value chains often extend across several countries now, and no industry can survive on its own. If you take the hemp industry, many manufacturers and retailers depend on products from other countries like China. For instance, machinery and product packaging are often imported to keep the costs low. So, when global trade came to a halt with COVID-19, it naturally affected the hemp industry.
MarcLouis
Yes, much like all other industries, the hemp industry has been heavily impacted by the coronavirus. The majority of inexpensive cannabis products are produced in China, and with the limitations. Shipping from Asia due to the coronavirus, these products have been hard to come by. The impacts of closures affected every business in the world, and hemp companies were amongst those forced to close during the quarantine.
Hempmaster3000
Without a doubt, it has, just like every other industry. The farmers were affected, so the buyers were affected, which means it not there for the consumers. The truck drivers, I mean everybody on ever level is, and was effected. Surely this has hurt the industry, but you won’t know how much until this is all over.
wavess
Yes, the coronavirus has impacted the hemp industry. Like most, if not all, industries, the hemp industry has felt the negative impact of COVID-19.
Abe
Coronavirus pandemic caused the most significant global recession in history. The global stock market fell (the most significant single_week decline since 2008), businesses in the service sector decreased, and to put it briefly, coronavirus has reverberated and shocked the entire global economy. Hemp industry could not have been possibly stayed immuned. Presidents of hemp industries have reported from shortages of employees to the canceling and postponements of cannabis conferences, losses of educational opportunities (which could be super beneficial for this juvenile growing hemp community). Still, the most unfortunate of these consequences probably is the disruption in the supply chain.
CrayM
Yes, it has, as many industries have been impacted negatively. While hemp prices have been falling in the past couple of years, corona caused a steeper decline. As noted above, CFAP is offering affected farmers that saw a drop of more than 5%.
amanda.tolar
Unfortunately, we were in the beginning part of the process of getting the remainder of our crop processed for oil; the company we were in talks with all but closed… I think they may have retained upper-management? It’s unfortunate as last season destabilized the market here, anyway.
Moogdummy
According to a poll by the hemp industry daily, more than half of farmers that applied for the SBA loan have not received or heard anything regarding their loans.
As the melody described above, there has been a decrease in price.
In Colorado, if you sold CBD as a non-primary product, it deemed your business as non-essential, and you were forced to close down. Cause of this, a lot of people have taken to online curbside pickup strategies to get around this.
Melody
The U.S. Hemp Roundtable submitted 23-pages to explain to the USDA that hemp prices have declined during the coronavirus pandemic. Prices have dropped more than just the 5% required for farmers to get the CFAP. CFAP is providing up to $16 billion to farmers affected by corona.