Its time for your Daily Hit of cannabis financial news for February 12th, 2020.
On the Site
Kentucky Hemp Farmer Files For Bankruptcy
GenCanna Global USA, Inc. filed a petition for voluntary Chapter 11 reorganization with the U.S. Bankruptcy Court in the Eastern District of Kentucky. The filing will allow GenCanna to continue to operate its business without interruption to customers, vendors, partners, and employees while working through a reorganization plan that could include the refinancing of the company’s existing indebtedness, or an alternative restructuring transaction such as a sale.
Despite Layoffs, Cannabis Industry Job Growth Continues to Boom
Companies in the cannabis industry have faced a series of layoffs in 2019 and early 2020. Though many jobs were cut, the industry continues to grow at a rapid pace. Its addition of roughly 30,000 jobs last year qualifies it as the fastest-growing job sector in the United States.
In Other News
Kentucky Medical Cannabis Bill One Step Closer to Reality
Kentucky’s House committee overwhelmingly approved a bill legalizing medical marijuana in the state. The bill, however, might face a snag in the Senate, where there is less enthusiasm about medical cannabis coming into play in Kentucky. Opponents of the bill claim more research is needed before it can safely pass into law for use.