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Equity Research
Cannabis
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FEBRUARY 25, 2019
11 Cowen analysts across consumer, health
care, industrials, and regulatory offer a
comprehensive view of the global CBD
opportunity.
Nearly 7% of adults in our proprietary U.S.
survey (n = ~2,500) reported using CBD as a
supplement, far higher than we expected.
We believe U.S. CBD can conservatively
generate sales of $16 bn by 2025. We offer
detailed analysis at the sub-category level, as
well as company-specific discussions, including
Outperform rated WEED, TLRY, and TPB.
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Cowen Research
646 562 1330
cowen.research@cowen.com
Vivien Azer
646 562 1351
vivien.azer@cowen.com
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COWEN
COLLABORATIVE INSIGHTS February 25, 2019
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COWEN.COM
COLLABORATIVE INSIGHTS
February 25, 2019
■ Cannabis
COWEN RESEARCH
EQUITY RESEARCH
Cowen Research
646 562 1330
cowen.research@cowen.com
Vivien Azer
646 562 1351
vivien.azer@cowen.com
John Blackledge
646 562 1359
john.blackledge@cowen.com
Andrew M. Charles, CFA
646 562 1332
andrew.charles@cowen.com
Oliver Chen, CFA
646 562 1424
oliver.chen@cowen.com
John Kernan, CFA
646 562 1324
john.kernan@cowen.com
Phil Nadeau, Ph.D.
646 562 1336
phil.nadeau@cowen.com
Charles Neivert
646 562 1370
charles.neivert@cowen.com
Jeffrey Osborne
646 562 1391
jeffrey.osborne@cowen.com
Charles Rhyee
646 562 1376
charles.rhyee@cowen.com
Doug Schenkel
617 946 3918
doug.schenkel@cowen.com
COWEN WASHINGTON RESEARCH GROUP
MACRO POLICY
Eric Assaraf
202 868 5304
eric.assaraf@cowen.com
Any portion of this report prepared
by a member of Cowen Washington
Research Group is intended as
commentary on political, economic
or market conditions and is not
intended as a research report as
defined by applicable regulation.
COLLABORATIVE INSIGHTS
COWEN'S COLLECTIVE VIEW OF CBD - AHEAD
OF THE CURVE SERIES
THE COWEN INSIGHT
In a collaboration featuring 11 analysts spanning Cowen's consumer, health care, industrials
and regulatory teams, we offer a deep dive on the global cannabis market, with a particular
emphasis on the U.S. For consumer goods, we believe the U.S. CBD market could represent
a $16 bn opportunity by 2025.
$16 bn Consumer Opportunity (Azer, Blackledge, Charles, Chen & Kernan)
In our monthly proprietary consumer survey (n = ~2,500) we were surprised to see that
nearly 7% of respondents in January 2019 reported using CBD as a supplement. This strong
consumer interest is validated by the growing number of brands and form factors that are
now available through increasingly diverse retail channels, including Amazon, Sephora and
Neiman Marcus. That said, consumption of CBD on-premise will likely take longer, given
regulatory uncertainty. And, while our analysis primarily focuses on consumer staples
applications for CBD, it is interesting to see a growing number of specialty apparel brands
embrace hemp as a sustainable textile.
Retail sales of CBD consumer products in 2018 have been estimated between ~$600 mm
and $2 bn. By 2025, we believe CBD offerings could conservatively generate $16 bn in retail
sales (assuming a ~40% increase in consumer incidence, to 10%, and spend of less than $2 /
day). Our bottom-up analysis anticipates a diverse category, that is still led by traditional
health & wellness form factors (e.g., $6.4 bn in nutraceuticals, and $4 bn in topicals). And,
while likely smaller, we also expect categories like food, beverages, beauty and vapor to all
generate sales between ~$1-2.5 bn by 2025.
Herein, we offer a detailed look at category brand and pricing architecture in the U.S.
CBD market today, as well as detailed discussions of 21 public and private operators that
currently have exposure to the category, including Outperform rated Canopy Growth, Tilray
and Turning Point Brands, which have all announced plans to enter the U.S. CBD market.
The Science of CBD (Nadeau)
Cannabis’s therapeutic potential is attributable to the valuable overlap between
phytocannabinoids (i.e. plant-derived cannabinoids) and the endogenous cannabinoid
system in humans, termed a “therapeutic handshake.” While THC's activity in the body is
fairly well elucidated, CBD’s pharmacokinetics are less well understood (no specific receptor
for CBD has been identified). Clinical trial results to date demonstrate few adverse effects
from oral CBD doses of up to 1500 mg/day or up to 30mg IV. The scientific understanding
of CBD’s clinical effects is based mostly on studies in specific indications, like epilepsy. GW
Pharma’s Epidiolex (highly potent, pure formulation of CBD) was approved by the FDA in
2018 for the treatment of seizures associated with Lennox-Gastaut syndrome and Dravet
syndrome, and other companies (Tilray, MMJ Phytotech, Insys) have clinical trials underway
in seizure disorders as well.
CBD Hemp Cultivation (Neivert)
According to the National Conference of State Legislatures, 41 states have set up cultivation
and production programs to regulate the production of hemp. There is little research on
CBD hemp cultivation methods as hemp cultivation research historically has focused on
fiber and grain/seed. This lack of research, combined with a number of variables that affect
hemp for CBD yield, makes hemp for CBD cultivation much more art than science at this
point. That said, no other crop in the U.S. offers the type of return of the CBD Plasticulture
Model, and we would thus expect the country's two largest crops, corn and soybeans, to
lose some acreage to CBD hemp.
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Please see pages 100 to 106 of this report for important disclosures.
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COLLABORATIVE INSIGHTS February 25, 2019
Synthetic Biology Provides Alternative Cannabinoid Production Method; Life Science Tools
Well Positioned To Benefit From QA/QC Testing Opportunity (Schenkel)
As an alternative to cultivation-based methods, cannabinoids can be produced using either
chemical or synthetic biology approaches. Synthetic biology methods, which harness
fermentation to produce cannabinoids, are particularly attractive considering they can
potentially produce a variety of cannabinoids while being highly scalable, efficient, and
environmentally friendly.
While QA/QC testing standards for CBD currently vary greatly by state (if any exist
at all), we expect Life Science Tools companies to benefit from this nascent market
opportunity as testing regulations are implemented and standardized. Similar to medical/
recreational cannabis testing, instruments such as mass spectrometers and liquid/gas
chromatographs are utilized to analyze CBD samples. Key vendors for mass spectrometry
and chromatography instruments include Agilent, Danaher (SCIEX), PerkinElmer, Shimadzu,
Thermo Fisher, and Waters Corporation.
CBD From a Retailer and Payor Perspective (Rhyee)
Healthcare: Drug Retailer Perspective: CBD products appear to be gaining traction with
independent pharmacies, many of whom are already selling or planning to sell CBD oils.
Independent pharmacies likely find the high-margin profile of CBD oils attractive, which
we suspect is similar to those of more traditional over-the-counter drugs, as well as the
differentiation it affords independents relative to larger chain pharmacies. For those selling
CBD oils today, the focus is on quality, particularly as it relates to bioavailability. Large
pharmacy chains, such as CVS and Walgreens, don’t currently sell CBD oil, but WBA noted it
is monitoring the CBD market.
Healthcare: Payor Perspective: Generally speaking, managed care does not cover OTC
products, with the same being true for Medicare and Medicaid. Based on our conversations
with a number of payors, whether CBD oils will be covered as a medical benefit by
government sponsored health programs is determined by the Center for Medicare and
Medicaid Services (CMS) and state governments. Currently, CBD products are not a covered
benefit, or an extra benefit, that has been approved by CMS or states, and it isn’t known
at this time whether CMS or states governments are considering reimbursement for CBD
products. Separately, Payors noted three factors complicating commercial coverage of
CBD oils, including (1) legal issues, as CBD oils derived from THC (cannabis) isn’t legal if
it contains equal to or more than 0.3% THC; (2) lack of regulation by the FDA; and (3) its
availability as an OTC medication.
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COLLABORATIVE INSIGHTS February 25, 2019
Global Landscape (Azer)
While the global regulatory landscape varies, the CBD category outside of the U.S. has
been evolving rapidly, with more change likely to come with the WHO's current evaluation
of CBD, as well as its recent addition to the EU's Novel Food Catalogue. In Europe, CBD
products are now widely available in markets like the U.K., Italy and Switzerland, though
regulations vary with Italy allowing for "cannabis light" products, with allowable THC of as
much as 0.6%, while in Switzerland CBD products can have as much as 1% THC, and are
classified as a tobacco substitute. In Latin America, hemp has been in production since the
1500s is also rapidly expanding their regulatory frameworks around marijuana and hemp.
Canadian licensed producers have been actively entering the market in Latin America to
capitalize on this evolving opportunity, including Canopy Growth, Tilray, Aurora and Cronos.
Regulatory Outlook (Eric Assaraf - Cowen Washington Research Group)
The 2018 Farm Bill declassifies industrial hemp as a Schedule I substance, shifts regulatory
authority from the DEA to the Department of Agriculture, and provides autonomy for
states to regulate the industry. However, the new law does not change the FDA's oversight
authority over CBD products and FDA Commissioner Scott Gottlieb has made it clear that
his agency will continue to step in when certain health claims are made. Additionally, FDA
has stated that CBD cannot be added to food products sold across state lines or marketed
as a dietary supplement, regardless of whether it is hemp-derived. The FDA will explore
new pathways for CBD to be sold legally; however, it seems clear that there will be a period
of regulatory uncertainty over CBD products at the state and federal level.
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COLLABORATIVE INSIGHTS February 25, 2019
TABLE OF CONTENTS
Consumer Products Market Sizing (Azer) ................................................................................................................................................................................. 8
The Science Of CBD (Nadeau) .................................................................................................................................................................................................... 10
CBD Hemp Cultivation (Neivert)................................................................................................................................................................................................ 11
Synthetic Cannabis (Schenkel) .................................................................................................................................................................................................. 17
Life Science Tools Participation In The Legal Cannabis Market (Schenkel) .................................................................................................................. 22
Consumer Products Opportunities (Azer) .............................................................................................................................................................................. 24
Nutraceuticals ............................................................................................................................................................................................................................ 28
Topicals ........................................................................................................................................................................................................................................ 35
Beverages .................................................................................................................................................................................................................................... 38
Bottled Water ............................................................................................................................................................................................................................ 39
Energy Drinks ............................................................................................................................................................................................................................. 40
Beer ............................................................................................................................................................................................................................................... 41
Beauty .......................................................................................................................................................................................................................................... 44
Food (Confections) .................................................................................................................................................................................................................... 49
Vapor ............................................................................................................................................................................................................................................ 51
The CBD Competitive Landscape – Public/Private Company Discussions (Azer) ....................................................................................................... 54
Publicly Traded Companies .................................................................................................................................................................................................... 54
Canadian LP Commentary on CBD ....................................................................................................................................................................................... 57
Benchmarking ............................................................................................................................................................................................................................ 58
Private Companies .................................................................................................................................................................................................................... 61
Health Care: Drug Retailer Perspective (Rhyee)................................................................................................................................................................... 63
Health Care: Payor Perspective (Rhyee)................................................................................................................................................................................. 64
Health Care: Provider Perspective (Rhyee)............................................................................................................................................................................ 64
eCommerce To Be A Key Consumer Distribution Channel Long Term (Blackledge)................................................................................................... 65
Cannabidiol (CBD) Entrance Into Mass Retail May Start In Beauty Before Entering Broadlines (Chen)............................................................... 69
Growing Application For Hemp And CBD Within The Apparel & Footwear Market (Kernan) ................................................................................. 70
We Would Expect Starbucks To Be First Under Our Active Coverage To Pilot CBD Oil, Though Not In Near Term Plan (Charles) .............. 74
Regulatory Considerations For CBD (Assaraf – Washington Research Group) ........................................................................................................... 75
Global CBD Landscape (Azer)..................................................................................................................................................................................................... 79
European Landscape ................................................................................................................................................................................................................ 80
Latin American Landscape ..................................................................................................................................................................................................... 84
Additional Applications / Implications (Nadeau & Osborne) ............................................................................................................................................. 87
Epilepsy & Psychiatric Conditions (Nadeau) ...................................................................................................................................................................... 87
Industrial Hemp And Sustainable Bioproducts (Osborne) ............................................................................................................................................. 94
Appendix .......................................................................................................................................................................................................................................... 96
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COLLABORATIVE INSIGHTS February 25, 2019
COWEN’S COLLECTIVE VIEW OF CBD
In a collaboration featuring 11 analysts across Cowen’s consumer, health care,
industrials and regulatory teams, herein we offer our outlook for the global CBD market,
with a particular focus on the U.S. While little science exists supporting medical efficacy
of CBD (with the exception of seizures, which GWPharma was able to prove with
Epidiolex for Dravet syndrome and Lennox-Gastaut syndrome, as discussed in more
detail herein), the popularity of CBD products seems to be growing exponentially in the
U.S. Indeed, our consumer survey work suggest that close to 7% of adults in the U.S.
already use CBD as a supplement.
With the category gaining increasing interest from consumers we have seen a swell in
product innovation. And, the opportunity is increasingly drawing the attention of larger
competitors (where for instance, WEED announced that they would consider spending
as much as $500 mm in U.S. hemp / CBD). By 2025, we estimate that the U.S. CBD
market could approach $16 bn (from $600 mm -$2 bn in 2018).
Herein, we offer our views of:
1. Consumer Products Market Sizing (Azer)
2. The Science of CBD (Nadeau)
3. The Hemp / CBD Supply Chain: From Cultivation to Extraction (Neivert & Schenkel)
4. Consumer Products Opportunities (Azer)
5. The CBD Competitive Landscape - Public and Private Company Discussions (Azer)
6. Consumer Discretionary Retail and Brand Opportunities Across:
a. Pharmacy (Rhyee)
b. E-Commerce (Blackledge)
c. Broader Retail (Chen)
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d. Specialty Brands (Kernan)
7. On-Premise Consumption Opportunities (Charles)
8. U.S. Regulatory Outlook (Assaraf, Krueger, Seiberg & Weissenstein)
9. Global CBD Landscape (Azer)
10. Additional Potential Opportunities for Hemp / CBD, Including
a. Pharmaceutical Applications (Nadeau)
b. Industrial Applications (Osborne)
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COLLABORATIVE INSIGHTS February 25, 2019
Consumer Products Market Sizing (Azer)
In our proprietary Cowen consumer survey (~2,500, 18+ respondents), we found that in
January 2019 close to 7% of respondents indicated that they use CBD as a supplement.
While this is only the first month’s reading of the data (which can fluctuate from month
to month), this initial response piqued our interest considerably, as it was much higher
than we would have suspected. Indeed, to put the 6.9% incidence rate in context, that
compares to JUUL use of 4.2%, and 19.6% of consumers that consider themselves a
current tobacco user, per our survey.
From a user perspective, category engagement not surprisingly skews younger, with use
among 18-24 and 25-34 year olds at over 9%, while it is below 4% for consumers 55+.
Figure 1 CBD Use Over-Indexes to Consumers Aged 18-34
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
6.9%
Do You Use CBD as a Supplement?
9.2% 9.5%
7.8%
6.4%
3.7%
Total 18-24 25-34 35-44 45-54 55+
Source: Cowen Survey, n=~2500, January 2019
While the category remains nascent (with revenue estimates ranging from $600 mm to
$2 bn in 2018) it seems clear that the abundance of choice, which we discuss in more
detail herein, has been a key driver of that consumer engagement. In particular, we
were surprised to see that beverages already account for close to 20% of reported form
factor use, given that this segment is among the newer offerings in the market place.
Meanwhile, tinctures, which were arguably one of the original delivery systems, has a
dominant 44% share.
Figure 2 Tinctures Are the Most Popular Delivery Mechanism
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CBD Form Factor Use
Other, 20.9%
Beverages, 19.2%
Capsules, 22.1%
Tinctures, 43.6%
Topicals, 26.2%
Source: Cowen Survey, n=~2500, January 2019
Note: Users had the option to choose multiple form factors
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COLLABORATIVE INSIGHTS February 25, 2019
Figure 3 We Believe CBD Can Be a $16 BN Revenue Opportunity in the U.S. by 2025
While we are keen to gain more insights into the evolving use of CBD in the coming
months from our survey work, this initial snapshot offers a framework for sizing the
ultimate CBD opportunity. With growing consumer awareness, we conservatively
believe that CBD use can grow to 10% of adults in the U.S., or ~25 mm consumers (using
current population) by 2025. If we assume that the average consumer ultimately spends
$640 per year (or less than $2 / day), that would imply a $16 bn market opportunity for
CBD. We would note that using the U.S. Census 18+ population projection in 2025, a
10% incidence rate would equate to just over $590 in annual spend to achieve $16 bn.
Conversely, holding the $640 in spend constant with the U.S. Census forecasted
population would result in over $17 bn in revenues by 2025.
That said, we view this estimate as somewhat conservative, as we can envision a
scenario where a consumer that uses a CBD tincture or capsule, may also be inclined to
convert his or her beauty regimen to include CBD (e.g., CBD infused beauty products),
and or use a topical for targeted relief as well. Our $16 bn estimate assumes the
following category contributions:
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Note: $ in mm unless otherwise stated.
Source: Cowen and Company
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COLLABORATIVE INSIGHTS February 25, 2019
The Science Of CBD (Nadeau)
The Endocannabinoid System
Cannabis’ therapeutic potential is due to this valuable overlap between
phytocannabinoids (i.e. plant-derived cannabinoids) and the endogenous cannabinoid
system in humans, termed a “therapeutic handshake.” However, though THC’s activity in
the body has been fairly well elucidated (it acts through G-protein coupled cannabinoid
receptor 1 and cannabinoid receptor 2), CBD’s pharmacokinetics are less well
understood (no specific receptor for CBD has been identified).
The scientific understanding of CBD’s clinical effects is based mostly on studies in
specific indications, like epilepsy. GW Pharma’s Epidiolex (highly potent, pure
formulation of CBD) was approved by the FDA in 2018 for the treatment of seizures
associated with Lennox-Gastaut syndrome and Dravet syndrome, and other companies
(Tilray, MMJ Phytotech, Insys) have clinical trials underway in seizure disorders as well.
Additional possible indications for CBD products include autism spectrum disorders,
psychiatric conditions, diabetic neuropathy pain, fibromyalgia, chronic pain, and back
pain; clinical trials in these indications are underway.
Clinical trial results to date demonstrate few adverse effects from oral CBD doses of up
to 1500 mg/day or up to 30mg IV. Specifically, CBD studies have not reported effects on
blood pressure, heart rate, or respiratory rate, and no negative changes in mood or
psychomotor slowing. Some studies (such as GW’s in Epidiolex) have shown side effects
resulting from high doses of CBD (~2g/day) inhibiting hepatic drug metabolism,
prompting increased blood levels of some background medications. Additionally, in vitro
studies have shown CBD to be pro-apoptotic in lymphocytes and to inhibit IL8 and IL10
production, suggesting that it may suppress the immune system. However, though
unknowns remain, the summation of pre-clinical and clinical data suggest that the
compound is safe at typical doses seen in over the counter products (5-10mg).
Additionally, other cannabinoids (found in CBD distillate) have been discovered that may
have differentiated pharmacological effects. For example, cannabidivarin (CBDV) may
have differentiated anticonvulsant effects, tetrahydrocannabivarin (THCV) may have
anti-diabetic and appetite suppressant effects, cannabidiol-acid (CBDA) may have antinausea
effects, and bannabigerol (CBG) may have anti-cancer effects. Further research
is needed to elucidate the clinical effects of these compounds.
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COLLABORATIVE INSIGHTS February 25, 2019
CBD Hemp Cultivation (Neivert)
2018 Farm Bill Legalizes Commercial Cultivation of Hemp: The 2018 Farm Bill legalized
industrial hemp at the federal level removing it from schedule I status under The
Controlled Substance Act. The bill defines industrial hemp as a variety of cannabis with a
THC concentration of </=0.3% and allows farmers to grow and sell hemp under state
regulation. According to the National Conference of State Legislatures, 41 states have
set up cultivation and production programs to regulate the production of hemp. (CT, ID,
SD, IA, OH, TX, LA, MS and GA do not currently allow hemp cultivation.)
Hemp is currently being grown under state Industrial Research Pilot Programs. Once
USDA rules are released, pilot programs may end in favor of USDA rules and rules of
state programs approved by the USDA.
Prior to the 2018 Farm Bill, the 2014 Farm Bill allowed universities and state
departments of agriculture to conduct hemp research under Agricultural Pilot Programs
in an effort to evaluate industrial hemp as a commercial crop. The bill allowed states to
begin research on best methods for hemp cultivation.
Cultivation Practices Of Hemp Dependent On Intended Harvestable Component
Hemp is grown for fiber, grain/seed and floral materials with different varieties of hemp
planted for each component. Fibers are used in rope and textiles, grain is used in human
food (not legal for animal feed), pressed seed oil from grain is used like sunflower seed
oil, and oils, including CBD, are removed from floral materials for health supplements.
Cultivation practices differ for fiber, grain/seed and CBD in an effort to maximize the
yield of the desired harvestable component. U.S. states have conducted pilot programs
in recent years to help gain a better understanding of best practices.
Limited Research Available On CBD Hemp Cultivation
There is little research on CBD hemp cultivation methods as hemp cultivation research
historically has focused on fiber and grain/seed. This lack of research, combined with a
number of variables that impact hemp for CBD yield, makes hemp for CBD cultivation
much more art than science at this point. Cultivation methods have been described as all
over the map. That being said, we detail methods from recent academic research studies
and conversations with industry participants below. (The University of Kentucky and
University of Vermont have both conducted research in CBD hemp cultivation in recent
years but further research is needed for conclusions regarding proper production
techniques.)
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Hemp CBD Cultivation Steps:
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Obtain a license. Growers must obtain a grower license from their state
department of agriculture for the specific type of hemp they want to grow.
Find a buyer/processor. Growers then need to find a buyer/processor for their
harvest as crops can only be sold to licensed processors.
Source seeds or clones. The grower must acquire seeds or transplants. Clones
(rooted cutting of a plant) can be used instead of seeds. The key factor in
selecting seeds or clones is understanding which strains produce flowers with
high CBD concentrations while keeping THC at </=0.3% since CBD and THC are
positively correlated which caps the CBD level. (A crop that exceeds 0.3% THC
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COLLABORATIVE INSIGHTS February 25, 2019
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will be destroyed.) Seeds that are certified (sold by domestic and international
hemp seed distributors) contain </=0.3% THC or produce hemp with </= 0.3%
THC.
CBD is more concentrated in female flowers (3%-6%) compared to male
flowers making male seeds unwanted. Unfertilized female flowers have been
found to produce higher CBD levels than female flowers fertilized by male
plants making male seeds unwanted in a production field. We note that seed
mix (male and female) costs are significantly lower than feminized seed costs
(incremental work is needed to increase the supply of feminized seeds).
Conversations with industry participants indicate that clones (first grown in a
greenhouse and then transplanted to the field) are becoming more common as
they provide a cheaper path to all female flowers in the field. Retail clones can
cost $4-$7 each and can be produced for $3 each with access to a greenhouse.
Test soil for contaminants. We note soil that has been used for corn production
has been cited as supportive for maximizing hemp yields.
Water System Installation. A drip irrigation is most effective way to water
hemp as it allows roots to breathe and conserves the most water.
Pesticides: Currently, pesticides are illegal for industrial hemp cultivation
which makes plastic mulch an important step. So far, disease pests and insects
have not been found to significantly impact yields.
Fertilizer. Fertilizer requirements similar to wheat are considered adequate
with nitrogen the most critical.
Planting. Adequate soil moisture and temperature (>/=50°F), which influences
timing for planting, is recommended for successful germination. Industrial
hemp can be planted in late April in Kentucky and late June in Vermont.
Planting depth for seeds should be ~0.50 inches.
Female seedlings, started in a greenhouse approximately 6 weeks prior to
planting, or transplanted female clones (planted with root structure), can be
planted into black plastic outdoors to control weeds. 5 ft x 5 ft plant spacing
has been found to be ideal and results in a population of 1,742 plants per acre.
Harvest. Average time to harvest a 6 inch clone is 90-120 days, Flower buds
from outdoor plants are removed by hand or using a debudder machine after
using a chainsaw or lopper to cut the plant down. Flower bud harvest is labor
intensive and can take ~30 hours per acre. Flower buds in a UVM study were
dried at 80°F for 18-36 hours until dry enough for storage without molding.
Indoor storage requirements creates a production challenge. As with most
crops, variations in yield can result from variations in genetics (variety), soil,
weather, and other growing conditions.
Testing. State Departments of Agriculture conduct field and greenhouse
inspections for THC levels, which is the only way to separate hemp from illegal
cannabis. Crops that test >0.3% THC will be destroyed.
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COLLABORATIVE INSIGHTS February 25, 2019
Wide Range Of Returns On CBD
There is little data on economics for hemp CBD cultivation given wide range of outcomes
that can result on the seed vs clone decision (CBD levels vary for each and will impact
cost), as well as the type of production model used. The University of Kentucky (College
of Agriculture) recently published six budget models for industrial hemp producers. Four