From the WSJ - "GenCanna Global USA Inc., a large Kentucky producer of cannabidiol, or CBD, oil and other hemp products, has filed for bankruptcy following cost overruns and construction delays at a new processing center and a fire last year at its existing facility."
So it was far more than a fire.
"Kentucky’s leading industrial hemp trade group has called U.S. hemp giant GenCanna “a fraud corporation,” after learning of the company’s bankruptcy filing last week. GenCanna filed for bankruptcy on Thursday, Feb. 6, 2020, following a series of legal actions from angry creditors that started in October 2019.
“GenCanna is a fraud corporation. They knew they weren’t going to have the money to pay the farmers,” Tate Hall, president of Kentucky Hemp Industries Association (KYHIA), told the Louisville Courier Journal newspaper last week. KYHIA is the state chapter of the national Hemp Industries Association, based in Washington, D.C.
Kentucky legislators also weighed in with criticism. “GenCanna has certainly given a black eye to the industry,” said U.S. Congressman James Comer, who was Kentucky’s agriculture commissioner when GenCanna set up in Kentucky in 2014, and who publicly backed the company in its early days.
I’m very disappointed in how GenCanna has left so many contractors from my district high and dry with their (processing) plant, when they just walked away from them,” Comer told the Courier Journal. “It’s pretty sickening to see the spending spree they’ve been on, knowing how much money they owe farmers and contractors in Kentucky,” Comer said."
GenCanna filed for bankruptcy because of the incompetence of management.
Didn't GenCanna have insurance to cover the losses from the fire?
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