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Colorado cold snap destroys millions of dollars worth of marijuana plants, could disrupt industry

Published: Sep 11, 2020, 6:15 am • Updated: Sep 11, 2020, 6:15 am By The Associated Press DENVER — Early cold temperatures and snow in Colorado may have destroyed millions of dollars worth of outdoor plants, cannabis and hemp companies said. The drop of about 70 degrees Fahrenheit occurred too early in the growing season for farmers to harvest the plants, Marijuana Business Daily reports. Related Articles Read the rest of this story on DenverPost.com.

Colorado unveils plan to help bring banking to state’s cannabis industry

With federal banking still out of reach, Gov. Jared Polis unveiled new strategies Monday to entice Colorado banks, credit unions and money transmitters to work with cannabis companies and become leaders in providing financial services to marijuana and hemp businesses. Polis’s plan renews the state’s commitment to creating a regulatory landscape that affords cannabis businesses access to services widely available to other legal industries, while offering financial institutions support to navigate the industry’s federal grey area. Because marijuana remains a controlled substance under federal law, Colorado’s dispensaries, cultivations and other businesses have been prohibited from obtaining conventional financial services, such as lines of credits or loans, and the ability to accept credit c...

Cross-pollination between marijuana and hemp is a budding conflict at outdoor grows

Published: Nov 15, 2019, 6:26 am • Updated: Nov 15, 2019, 6:27 am By The Associated Press By Bart Schaneman, Marijuana Business Daily DENVER — Outdoor marijuana growers are reporting an increase in cross-pollination from hemp farms, a development that could mean marijuana cultivators might lose upwards of tens of thousands of dollars if their plants become unmarketable as flower products. As the marijuana and hemp industries increasingly share the same cultivation territory, the number of conflicts is likely to increase, particularly in areas with thriving outdoor cannabis cultivation. Read the rest of this story on DenverPost.com.

Colorado CBD producer Mile High Labs lays off 20 employees just months after major expansion

Mile High Labs, one of Colorado’s leading CBD producers, laid off employees this week, just months after undergoing a major expansion. According to chief financial officer Jon Hilley, the company cut 20 positions — less than 10% of its workforce — on Thursday. They primarily were those in entry-level sales jobs. Mile High Labs employed more than 250 people before the layoff, Hilley said. The news comes about three months after the company moved from Boulder into an $18.8 million, 400,000-square-foot facility in Broomfield, where it extracts and processes hemp-derived cannabidiol, or CBD. Hemp has negligible amounts of THC, the ingredient that gives the plant’s cousin marijuana its high. Read the rest of this story on DenverPost.com.