Leading Kentucky hemp processor files for bankruptcy

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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.”

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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.