Industrial hemp production falls across the U.S. as prices drop

The value of the U.S.’s crop of hemp dropped sharply to $238.4 million in 2022 from $824.1 million in 2021, the U.S. Department of Agriculture said Wednesday. The amount of acres planted fell by 48% to 28,314 acres and harvested acres declined by 46% to 18,251 acres. South Dakota had the largest crop with 2,550 acres harvested up by 50%, while Montana’s harvest fell by 67% to 1,470 acres. Oregon’s harvested crop rose 2.7% to 1,900 acre. Colorado’s crop fell by nearly 85% to 480 acres, while Missouri’s crop increased by 21.7% to 1,400 acres. The 2022 price for industrial floral hemp grown in the open fell by 26.5% to $29.10…