Hemp Farmers Still Could See Over $7 Billion Worth Of Crop Wasted Due To Banking Issues

According to a recent report, hemp farmers are at risk of losing $7.5 billion dollars due to a lack of installed processing equipment to harvest the hemp.

CEO of Delta Separations, Roger Cockroft, stated

“CBD derived from hemp is a huge new growth industry for the U.S. but this year, the industry’s first fully legal year, is going to be a nightmare for many. Big banks ran scared and wouldn’t support infrastructure investments because they heard the word ‘cannabis’ even though hemp is completely federally legal. With such a small processing capacity in the U.S., up to 90% of what’s in the ground will most likely rot in the field when Crop-tober rolls around. That could mean loss of up to $7.5 billion.”

One of the main concerns for financial institutions, according to Vegetable Growers News, is that they will be penalized for supporting businesses that operate on the cannabis supply chain.