CBD, News, North America, USA

U.S. hemp giant GenCanna faces more pressure from angry creditors

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Two more creditors have targeted beleaguered U.S. hemp giant GenCanna, seeking to have the Kentucky-based company declared bankrupt. Integrity/Architecture, Lexington, Kentucky; general contractors Pinnacle Inc., Benton, Kentucky; and Crawford Sales, a door maker based in Evansville, Indiana, say GenCanna owes them a combined $50,000 and asked courts that the company be declared bankrupt and undergo reorganization. 

That is only the most recent in a spate of actions taken against GenCanna:

  • Lexington Certified Public Accounting firm Dean Dorton filed a recent lawsuit in which it claims GenCanna owes it more than $500,000.
  • Agro firm Furnwood Farms is in arbitration with GenCanna after filing a lawsuit seeking $5 million last October due to losses resulting from the late delivery, and questionable quality, of cultivation seeds as well as changes in the wording of agreements made by GenCanna.
  • Also in October 2019 a group of construction and other contractors filed liens against property owned by the Industrial Authority of Mayfield-Graves County which is under lease to GenCanna. The contractors claim in their lawsuit that GenCanna owes them $13 million related to a processing plant construction project in Mayfield, Kentucky.

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