The Cannabis Catch-Up: Has Vermont’s Hemp Bubble Popped? – Seven Days

click to enlarge Fields of green? - KEN PICARD

  • Ken Picard
  • Fields of green?

Vermont is in the middle of a hemp boom.

Hundreds of farmers of all sizes and skills registered with the state about 9,000 acres for hemp in 2019. Most joined the green rush to capitalize on the popularity of cannabidiol-infused everything.

Yet all that glitters is not gold. Those who didn’t line up buyers before the season are finding that out the hard way. In fact, some hemp farmers will have to leave crops in the field to rot as demand fails to meet supply, reports. Bigger companies, including Sunsoil in the Northeast Kingdom, are having no such problems.

“I see the mistakes folks are making and I wish I could warn everybody,” Sunsoil cofounder Alejandro Bergad told Digger. “Farmers are going into this without knowledge of where they are going to dry their products in a sanitary environment, and without knowledge of where they are going to fit into the supply chain.”

That’s certainly the case when some 1,000 farmers are taking a stab at hemp production this year. And that’s just in Vermont; production is up in other states as well. In Kentucky, for example, farmers planted an estimated 60,000 acres of hemp this year, more than six times Vermont’s output.

Here are some other recent cannabis stories we’ve followed:

October 6: As a trade war rages on and CBD becomes all the rage, farmers nationwide are turning to hemp to diversify their crops. An estimated 285,000 acres of hemp was planted across the country this year. [Amelia Nierenberg, the New York Times]

October 6: “Marijuana should not be legalized because it is popular. Pennsylvania should legalize recreational marijuana because it is the right thing to do.” [Editorial Board, the Philadelphia Inquirer]

October 7: If you’re hoping to nab that “I Love Weed, LLC” business name in Vermont then you better get on it: “Already, there are 68 active businesses, nonprofits or trademarks with the word ‘cannabis’ in their name, according to filings with the Secretary of State.” [Isaac Fornarola, Burlington Free Press]

October 10: “Though ‘wine mom’ culture has long been the source of many a mommy meme and largely socially acceptable, marijuana-using moms are stepping out of the shadows and proudly extolling the virtues of cannabis.” [Genevieve Shaw Brown, “Good Morning America”]

October 11: People in the Illinois cannabis industry are already bracing for weed shortages when recreational dispensaries open for business in January 2020. [Ally Marotti, Chicago Tribune]

October 11: “Public cannabis companies are facing a capital crunch as investors are recognizing that some firms were vastly overvalued and sweeping regulatory changes may come later than previously hoped.” [Alicia Wallace, CNN Business]

October 12: U.S. Senate Majority Leader Mitch McConnell (R-Kentucky) spent two days visiting with members of California’s cannabis industry, raising hopes that he might change his tune on cannabis banking reform. Purveyors of legal pot have pushed for the SAFE Banking Act, which would allow banks to do business with marijuana companies in states that have legalized it. The House passed the bill but it faces an uphill climb in the Senate. [Max A. Cherney, MarketWatch]

October 15: The number of reported vaping-linked lung illnesses has risen to nearly 1,500 across the country. The tally includes 33 deaths in 24 states. Earlier this month, a 17-year-old boy died in New York City, the youngest person known to have died of the illness. As of October 17, Vermont health officials have confirmed three cases. [U.S. Centers for Disease Control and Prevention]

October 16: It’s been one year since Canada legalized weed, a source of pride — and frustration — for our neighbor to the north. Legal sales totaled about $1 billion in the 12 months since. But the illicit market persists; buyers spent an estimated $5 billion to $7 billion on black market weed the same year. [Gene Johnson, Elaine Thompson and Rob Gillies, Associated Press]

October 16: The largest marijuana grower in Colorado lost millions of dollars in weed after a snowstorm earlier this month killed half of the farm’s outdoor-grown plants. The crop loss “is expected to send ripples throughout the state’s cannabis supply chain.” [Bart Schaneman, Marijuana Business Daily]

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