Kentucky agriculture leaders and economists say the state’s turbulent hemp industry is still trying to find stability this year after uncertain federal regulation and overproduction led to a tanked market for the crop and subsequent bankruptcies.
Hemp growers who allegedly didn’t get paid hundreds of thousands of dollars for contracts with an Owensboro hemp company have filed a class-action lawsuit against the company alleging breach of contract, fraud, and racketeering, among other claims.
A $69 million lawsuit over control of Owensboro-based hemp processing company Bluegrass Bioextracts has been settled amid controversy surrounding the company not paying out potentially hundreds of thousands of dollars in contracts to hemp farmers.
The year: 2009. A Senator from Illinois named Barack Obama has just made history upon taking the presidential oath of office. The national economy is at a low point in the Great Recession. And the Pittsburgh Steelers are the first NFL team to win six Super Bowls.
An association representing Kentucky’s growing hemp industry held a conference in Murray on Thursday to gather hemp farmers, processors, and regulators. The event also highlighted the continuing financial and regulatory uncertainty in the new industry.