Hemp in, spinach out as investors throw money at newly legal CBD

Mile High Labs has developed a new extraction system it says will boost CBD production. Source: Mile High Labs / Bloomberg

By Hema Parmar and Craig Giammona | Bloomberg

When Patrick Horsman’s small private equity firm purchased 10,000 acres in Yuma County, Arizona, in 2016, organic spinach and lettuce were on the menu.

Then the anti-cannabis tide in Washington, D.C. shifted, with the 2018 Farm Bill decriminalizing both hemp and its trendy ingredient known as CBD. Now, he’s growing hemp instead.

Marijuana has already started to see an investment boom thanks to easing rules around the world. Now, congressional approval of hemp in the U.S. is sparking a new wave of activity, with companies and investors jumping in during the past year to the tune of hundreds of millions of dollars.

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