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