The CCSI was assessed at C$5.63 per gram this week, down 1.7% from last week’s C$5.72 per gram. This week’s price equates to US$2,103 per pound at the current exchange rate.
Each week, Business of Cannabis delivers a series of insights from our partners at Cannabis Benchmarks®.
This week, Cannabis Benchmarks provides an overview of Canadian hemp production in recent years.
Commercial hemp production became legal in 1998, but only for grain and fiber varieties. CBD hemp was legalized in 2018 as part of the country’s Cannabis Act, which legalized cannabis for adult-use. Health Canada sets out a list of approved hemp cultivars each year, which licensed growers are limited to. Based on Health Canada data, we identified the top five cultivars planted in the past three years, which have been very consistent year-to-year, although the acreage planted for each has shifted.
Finola has been the dominant cultivar and made up almost 48% of the total acreage planted in Canada in 2020. The Finola variety is an excellent source of grain and fiber, but can also produce CBD-rich flowers.
The versatile nature of hemp is such that each acre harvested can be equivalent to more since various product forms can come from it.
According to Health Canada, the 92,503 acres planted in 2019 was equivalent to 177,981 acres; 54,906 acres planted in 2020 was equivalent to 88,832 acres.
Source: Canada Cannabis Spot Index, Cannabis Benchmarks
