Some of America's Biggest Hemp Companies Received PPP Loans - Cannabis Wire

While cannabis sales rose in several states during the COVID-19 pandemic, much of the cannabis industry has, like other industries, faced financial hardship. 

The CARES Act (Coronavirus Aid, Relief and Economic Security) made available loans, through the federal Small Business Administration’s Paycheck Protection Program (PPP), aimed at giving small businesses the ability to maintain their workforce and keep them active on the payrolls. 

When these loans were announced, there was plenty of confusion around whether hemp and cannabis companies could qualify, and how. The SBA released guidance making it clear that hemp companies can qualify, as the 2018 Farm Bill legalized hemp, but cannabis companies cannot. Exactly which ancillary cannabis companies would be considered a cannabis company under the eyes of the SBA remained murky.

Nonetheless, Cannabis Wire dug into the PPP loan recipient data and found that plenty of the country’s biggest hemp companies qualified to receive loans from the federal government. And while we didn’t find any plant-touching cannabis companies on the list, we did spot a few ancillary cannabis companies.

It’s worth noting that just because these companies qualified does not mean that they kept the funds. For example, Bronwyn Flores, spokesperson for Metrc, told Cannabis Wire that Metrc applied for and was awarded a PPP loan, but the company “ultimately elected to return the funds in May.” 

“The cannabis industry has seen a nationwide rise in activity this year, from production to consumption and as we gained a better understanding of the pandemic’s impact on our business, we became more confident in our ability to weather the storm. We returned the funds to be used by other small businesses in greater need than us,” Flores said.

(Cannabis Wire will update this piece with other comments as they come in.)

Looking only at the list of companies included below, somewhere between $19 million and $42 million was distributed by the federal government to these hemp and ancillary cannabis companies. (The data released by the SBA only provides the names of entities that received $150,000 or more, and provides only the range of funding, not an exact figure.)

Here’s what Cannabis Wire found: 

Akerna Corp — $2 – 5 million

All About Hemp — $150,000 – $350,000

All American Hemp Company LLC — $1-2 million

American Hemp Ventures, Inc — $150,000 – $350,000

AmHemp Kentucky — $150,000 – $350,000

Anne Holland Ventures (MJ Biz Daily) — $1-2 million

Arcview Group, Inc — $150,000 – $350,000

Barlean’s Organic Oils, LLC —$1-2 million

Blue Dog Hemp — $350,000 – $1 million

Blue Moon Hemp INC — $350,000 – $1 million

Canna, LLC — $150,000 – $350,000 

CBD Enterprises, Inc — $150,000 – $350,000

CBD, Inc — $150,000 – $350,000

CBDMD Inc —  $1-2 million

CBD Supply MD Wholesale Co —  $150,000 – $350,000

CBD USA Grown Inc —  $150,000 – $350,000

CV Sciences — $2-5 million

Hemp Incorporated — $150,000 – $350,000

Hempire Capital — $150,000 – $350,000

Hemp Temps — $350,000 – $1 million

Heritage Hemp LLC — $150,000 – $350,000

Hypur Inc — $350,000 – $1 million

IndHemp LLC — $150,000 – $350,000

Integrated CBD LLC —  $150,000 – $350,000

Jack Hempicine LLC — $350,000 – $1 million

Kentucky Heritage Hemp Co, LLC — $150,000 – $350,000

Koi CBD — $350,000 – $1 million

LabCanna Biosciences, Inc —  $150,000 – $350,000

LabCanna, LLC — $150,000 – $350,000

Medterra CBD, LLC —  $1-2 million

Metrc, Inc — $350,000 – $1 million

New Mexico Hemp Services — $150,000 – $350,000

Nutralife Biosciences — $150,000 – $350,000

Pure Spectrum CBD, LLC — $150K

RN Hemp Products — $150,000 – $350,000

Saginaw Bay Hemp Company — $350,000 – $1 million

Sozo Hemp — $150,000 – $350,000

Triangle Hemp LLC — $150,000 – $350,000

VetCBD Inc —  $150,000 – $350,000

Whole Hemp Company LLC — $2-5 million 

WM Canna —  $150,000 – $350,000

Zilis — $350,000 – $1 million

Let's block ads! (Why?)

"some" - Google News
July 15, 2020 at 01:55PM
https://ift.tt/2B4JUSq

Some of America's Biggest Hemp Companies Received PPP Loans - Cannabis Wire
"some" - Google News
https://ift.tt/37fuoxP
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini