Coronavirus Hits Hemp Industry, Charlotte’s Web Launches New R&D Division: Week in Review

This week, all eyes and ears were on COVID-19, a virus that has caused governments and businesses to restrict or close across much of the U.S.

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March 20, 2020

This week, all eyes and ears were on COVID-19. The virus has caused widespread business closures and event cancellations across the U.S., all of which could have broad implications on the hemp industry for the months to come. Meanwhile, some business has continued as usual, including Charlotte's Web Holdings establishing a new R&D division.

Here are the week’s top headlines you might have missed.

  • National: From event cancellations to supply chain disruptions, the hemp industry isn’t immune to market effects from COVID-19 that will reverberate for weeks, if not months, to come. Read more

  • Alabama: A hemp business owner from Moody was arrested on drug trafficking charges for allegedly selling both raw hemp and marijuana to customers. Read more

  • California: The San Diego-based CV Sciences held its earnings call for FY 2019, revealing strengths and pain points the year presented. The company also discussed what the future holds in the middle of the coronavirus outbreak. Read more 

  • Colorado: Charlotte’s Web Holdings Inc., based in Boulder, has created a new internal division focused on research and development of phytocannabinoids, terpenes and flavonoid compounds, including cannabidiol (CBD), cannabidiolic acid (CBDA), cannabigerol (CBG), cannabinol (CBN) and cannabichromine (CBC). Read more

  • Kentucky: Atalo Holdings Inc. has become the latest Kentucky-based hemp company to file for bankruptcy, citing issues with failed capital commitment and leaving the company unable to pay creditors. Read more
    Meanwhile, state legislators have advanced two new hemp-related bills: one that would remove the state’s ban on smokable hemp, and another that would establish labeling requirements for cannabidiol (CBD) products. Read more