Kentucky industrial hemp giant GenCanna Global USA has filed for Chapter 11 bankruptcy, according to the Courier-Journal.
“We are taking this action in order to position our business for success in a highly dynamic and rapidly evolving industry,” Matty Mangone Miranda, the company’s chief executive, said in a statement.
The move was made because the company had fallen behind on its bills but the organization plans to continue operating while it reorganizes and prepares for large debt refinancing or a potential sale, pending the approval of a bankruptcy judge.
GenCanna began in 2014 after Kentucky legalized hemp and had a goal of becoming a global player in CBD production.