Farmers in Williamson County, Tennessee are hoping to sell their hemp crops at the International Hemp Auction and Market which is the first to be held in the county.
The three-day auction is taking place in Williamson County at the AG Expo Park in Franklin, TN. The event will take place from November 19 to 21. The entrance fee for persons above the age of 18 is $15, and those below 18 years will pay $10. The ticket allows you access to hemp vendors and CBD products going for a price below the normal retail prices.
Farmers realized this harvest season that the supply of hemp exceeded the existing demand in the market, which led to a drop in the prices of the crop. They also noted that hemp processors in the state were at capacity.
The CEO and founder of the hemp auction, Mark Case, said that the market for hemp has been great; however, this year, more people cultivated the crop, which led to the drop in prices. Therefore, farmers are facing the challenge of finding a buyer or selling their produce at a reasonable price.
Case further said that the market would eventually stabilize, and also acknowledged that a hemp auction would provide farmers with an avenue for selling their crops at the best possible price in the circumstances.
The hemp auction presents an opportunity to place buyers in one place where they can compete against each other by bidding on hemp crops and products. This will provide a fair and transparent market price for the growers.
The auction started on Tuesday, and several farmers brought around 160,000 pounds of hemp biomass to the auction. The hemp available for sale can be used for CBD oil extraction.
Connie Jolley of Roberts Family Farms said that they are hoping that out of state buyers will show up and are also eager to see the different bids on different products that will be sold at the auction.
On Tuesday, buyers gathered at the auction floor to inspect the large sacks which contained hemp from different farmers to see which is to their liking. The bids were slow in the morning.
The President of the Tennessee Hemp Industry Association, Frederick Cawthon, said that in the morning the sales were few but comforted the sellers that it is the first day of the auction and that it was still early in the day since only a few hours had passed from the time they opened the event.
The auction for CBD oil and smokable hemp took place on Wednesday and Thursday. We shall bring you the details of how the entire aution went as soon as the organizers make that information available.
All in all, analysts say industry players like MCTC Holdings Inc. (OTC: MCTC) and Sugarmade Inc. (OTCQB: SGMD) welcome this age-old way to sell agricultural products since it helps those without purchase contracts to get the best possible price for their crops.
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