The company’s ambitions have manifested in dramatic growth in the past year. Consider:

  • GenCanna raised $30 million last fall in a single investment from Massachusetts-based MariMed, a multistate cannabis operator.
  • The company expanded its planned hemp production from 1,000 acres in 2018 to 7,000 acres this year.
  • GenCanna started building out a new $40 million processing plant in Mayfield, where company officials envisioned attracting raw hemp for production from Kentucky and five neighboring states. Kentucky officials gave the company at least $1.8 million in tax incentives for its expansion plans.
  • GenCanna hired global investment powerhouse Goldman Sachs & Co. to consult on an initial public offering.

But now it’s going pear shaped

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Lawsuits, delays and an explosion: Troubles mount for Kentucky hemp pioneer GenCanna