This week, the U.S. Department of Agriculture (USDA) announced a coronavirus relief program that hemp producers aren’t automatically eligible for, but they may be able to make their case if they’ve suffered economically from COVID-19 by submitting comments to the USDA. Meanwhile, Charlotte’s Web released its financial earnings for the first quarter of 2020, reporting a loss due to a decline in sales and a jump in operating expenses.
- National: In a new Hemp Market Insider post, Hemp Benchmarks and Colorado State University’s Daniel Mooney provide some perspective on the USDA guidance to state and county offices on hemp-producer loans. Read more
Meanwhile, the USDA has announced a coronavirus relief program for producers, but hemp is not one of the crops automatically eligible for the program. Hemp producers may be eligible, however, if they “believe they’ve suffered a 5% or greater price decline between January and April 2020 and ... face additional marketing costs due to COVID-19,” the USDA says on its website. Read more - Colorado: Declining sales coupled with a spike in operating expenses have resulted in a loss for Charlotte’s Web, the Denver-based cannabidiol (CBD) manufacturer, in the first quarter of 2020. The company recently released its Q1 earnings for 2020, reporting a loss of $11 million versus a profit of $2.3 million the first quarter of 2019. Read more
- Kentucky: A U.S. bankruptcy judge has approved the $77 million sell-off of GenCanna's assets as part of a deal to reorganize, liquidate and then allow the company's creditor, MGG Investment Group, to recoup what it had put into the Kentucky hemp firm. Read more
- Oregon: Oregonized Hemp Co. has filed a lawsuit against Josephine County in Oregon for seizing and destroying approximately 5,000 pounds of what OHC and Pitts claim was industrial hemp. The case is among a growing number of lawsuits across all facets of the hemp industry, from crops to CBD. Read more
- South Carolina: The Hemp Mine is building on its partnerships to not only expand its research capabilities, but also give its customers an advantage in the process. The vertically integrated hemp genetics company recently announced that it has partnered with PHR Labs to offer discounted testing services and guidance for The Hemp Mine’s genetics customers. Read more
