Farmers attending the first International Hemp Auction & Market in Franklin, Tennessee, didn’t come away with a positive high about the future of growing hemp after attending the 3-day auction. The event was planned to bring buyers and sellers together from multiple parts of the U.S. The results were mixed for both groups.
According to a report by Cameron Jacobs of WADE.com, farmers left early with the best offers coming in at $6 per pound rather than the anticipated $24 per pound. Buyers anticipated higher quality products.
The Southern Hemp Marketplace (SHM), LLC, which orchestrated the event, planned to broadcast the International Hemp Auction & Market (IHAM 2019) to worldwide hemp and CBD extract buyers via HiBid webcasting, an integrated web service and internet bidding solution from Auction Flex.
“We’ve received hundreds of applications to sell lots of hemp biomass and smokable flower totaling almost four million pounds,” said Mark Case, Chief Executive Officer (CEO) of Southern Hemp Marketplace in a press release prior to the event.
Tennessee Agriculture Commissioner, Charlie Hatcher, opened the event with a welcome to participants.
“IHAM 2019 continues to help aim Tennessee toward the top of the hemp chain,” said Case. “Other southern states have made remarkable progress too, and their crops will be represented at IHAM 2019 as well. This is not only a regional event – it is truly national, and international. Buyers and sellers have registered from across the country and beyond.” Tennessee has more than 3,700 licensed hemp farmers.
The 3-day event was set up in 3 categories: hemp biomass for CBD oil extraction; smokable hemp flowers and transactions for CBD extract blends. Online bidding was anticipated.