Connect with us

Legal & Regulation

GenCanna Faces Bankruptcy and Allegations of Being a “Fraud Corporation”

Kim Denise

Published

on

GenCanna Faces Bankruptcy and Allegations of Being a “Fraud Corporation”

Hemp company GenCanna is facing some heat from hemp industry leaders in Kentucky, who have called the company a “fraud corporation,” according to a Hemp Today report. The allegations arose after the company filed for bankruptcy on Thursday February 6, 2020.

Tate Hall, the president of the Kentucky Hemp Association, shared in a Hemp Today report that “GenCanna is a fraud corporation,” as it was aware that it would not have the funds to pay farmers. In addition to Mr.Hall, state legislators also shared their perception of the company, stating that it has “certainly given a black eye to the industry.”

Prior to the bankruptcy and allegations of fraud, the company sought to become a global player in the CBD marketplace, and had planned to develop a hemp processing plant in Mayfield, Kentucky. Based on the Hemp Today report, the projects faced setbacks, such as delays and cost overruns. Further, in October 2019, contractors stated that the company owed them $13 million, and as a result, they filed liens against the company.

A separate report also identifies some of GenCanna’s bankruptcy issues. Several creditors are asking that the company declare bankruptcy. For instance, two creditors reported that the company owes them a combined $50,000 and requested that it reorganize in bankruptcy. Other creditors include Lexington Certified Public Accounting and Funwood Farms.

Kim or ‘KimD’ is an experienced, astute full-time writer with a Bachelor’s Degree in Literature. While her professional path is in Commercial Real Estate as an Accredited Buyer’s Representative and the financial industry, she loves to elaborate exclusively about CBD health and wellness information here at COR and will be around for a long time to come.

Continue Reading

Ultimate CBD Guide


Disclaimer

ultimate-cbd-products-company-guidepopular-cbd-health-benefits best-cannabidiol-guide-resources hemp guide

TimesofCBD is the most active daily CBD news publication featuring the latest cannabis industry stories and marijuana market trends. As the leader in CBD-centric content curation, we invite all readers to come for the headlines and stay for the insights. Quality is the top priority when presenting user guides, analyzing product reviews and reporting fact-checked news announcements. All information is for educational purposes only. Disclaimer.

Got news? Email contact@timesofcbd.com