- U.S. hemp industry set for CAGR of 14 percent through 2022
- Interest in 23,000-acre ultra-high cannabidiol (CBD) hemp project in Kentucky
- Raises revenue guidance for 2019 to $70 million after announcing acquisition of hydroponics retailer
Despite the abstrusity that still surrounds the legal status of hemp, cultivation of the plant in the U.S. is undergoing a renaissance. During the Republic’s early years, citizens were legally obliged to grow the crop, and both Presidents Washington and Jefferson are reported to have done so. But legislative changes turned the thing on its head. Since hemp was a strain of cannabis sativa, as was marijuana, it became tainted with the same brush of illegality. Now, further changes in the legal framework are allowing the industry to emerge from its long winter, giving California-based Sugarmade, Inc. (OTCQB: SGMD) the opportunity to execute its ambitious plans to support cannabis cultivation. The company is one of the largest publicly traded hydroponics supply companies, with brands that include Zen Hydro, Carry Out Supplies, BudLife Cannabis Storage Solutions and Cali Grown Supplies.
Cultivation was perfectly legal in nineteenth century America. However, with the twentieth century a period of moral rectitude dawned, resulting in the Eighteenth Amendment that ushered in Prohibition in 1920 and the Marihuana Tax Act in 1937. The act effectively curtailed cultivation of hemp, but the final nail in the coffin came with the…
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