Ganajapreneur reports that the crop is losing favour in New Mexico.
A combination of stricter regulations, the coronavirus pandemic, and industry consolidation has resulted in a dramatic 31% decrease in the number of hemp licenses in New Mexico this year.
Hemp licenses in New Mexico dropped from more than 400 in 2019 to 276 this year – a 31 percent decrease – amid new state rules, the coronavirus pandemic, and industry consolidation, the Albuquerque Journal reports. Last year was the first year the state issued commercial hemp cultivation licenses.
State Agriculture Secretary Jeff Witte told the Journal that officials chalk the decrease up to “those who tried it and decided it wasn’t for them.”