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New York had hoped for a hemp boom, but another major player gives up | Local News

 


New York’s hemp boom goes bankrupt

Farmers in New York took to the crop last year, planting around 6,000 acres to be used in the production of CBD, a claimed substance with no clear scientific evidence other than an approved use, to cure a variety. diseases.

Some crop developers were projecting prices as high as $ 30,000 an acre for the crop, which generated maximum interest in the long-depressed farming community.

However, with little to no processing in the state, much of the crop went unused as no market developed for the raw product.

Last year’s harvest at least the bales that have not spoiled are still in the warehouses. This year, estimates indicate that less than a third of last year’s acreage was planted statewide.

In the spring, Southern Tier Hemp scrapped its plan to develop a hemp processing plant at the former Gannett Central New York printing house in Johnson City.

It failed to overcome an act restriction that significantly limited uses at the 100,000 square foot site next to Walmart. Binghamton University is currently in the process of purchasing the site for use as a library annex.

CBD, or cannabidiol, is derived from the cannabis plant with low levels of psychoactive THC, the substance that produces the high in marijuana.

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