Kentucky’s Ag Commissioner calls GenCanna bankruptcy a “gut punch”


Kentucky’s Commissioner of Agriculture Ryan Quarles said the bankruptcy of GenCanna, a hemp giant based in the state, was a gut punch to the industry and farmers hoping to grow hemp.

GenCanna filed for Chapter 11 bankruptcy last week and the company said it would continue operations as it worked toward a reorganization plans with hopes of possibly finding a buyer.

The Kentucky Hemp Industries Association was critical of GenCanna, saying the company knew it would not have the money to pay its farmers.

Quarles also said the hemp industry faces “strong headwinds,” according to BrownfieldAgNews.