The market shift from marijuana to hemp caused by plummeting prices. A massive oversupply of marijuana is taking marijuana prices to non-profitable levels in Oregon, this has prompted some nervous growers to start shifting to another type of cannabis to make ends meet — one that doesn’t come with a high.
Applications for licensing to grow hemp — marijuana’s non-intoxicating cousin — have increased more than twenty times since 2015, making Oregon No. 2 behind Colorado among the 19 states with active hemp cultivation.
The rapidly evolving market comes amid skyrocketing demand for a hemp-derived extract called cannabidiol, or CBD, seen by many as a health aid.
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For more information on Michigan’s industrial hemp act or about what the new recreational marijuana law will do to impact your ability to grow hemp in Michigan please feel free to contact Komorn Law, PLLC at 800-656-3557.
