Hemp Today reports
Colorado-based CBD maker Folium Biosciences has put its CBD extraction and purification facility up for sale before the facility was ever used.
The property listing, by Hilco Commercial Industrial, LLC, a Chicago real estate company, said the covid-19 pandemic caused Folium to cancel the facility’s opening, and indicates the company is facing business challenges.
Folium is a bulk and wholesale supplier of hemp-derived CBD oil, edibles, “cosmeceuticals” and CBD for animals.
The idle factory “has the capability to supply enough CBD oil to meet the increasingly exorbitant market demands,” said Steve Madura, senior vice president at Hilco, echoing the hype about CBD that led to a massive crash in the sector. The crash, which started in 2019, has left hemp flower biomass backed up and losing value in farm buildings across the U.S., as wildly inflated sales projections failed to materialize, clogging the supply chain and leading to prices that dropped by as much as 90%.