FRANKFORT, Ky. (AP) – Kentucky’s agriculture commissioner says a bankruptcy filing by a leading hemp processor was a “gut punch” to the hemp industry.
GenCanna Global USA Inc. said Thursday it filed a bankruptcy petition that would allow it to reorganize its debt. The company says the Chapter 11 filing will allow it to continue operating “without interruption.”
Kentucky Agriculture Commissioner Ryan Quarles says the bankruptcy filing is the latest sign that the national hemp industry is facing “strong headwinds.”
Quarles calls the filing a “gut punch” to the hemp industry and to hemp farmers.