GenCanna, in bankruptcy, sells assets
Published 10:07 am Wednesday, August 26, 2020
GenCanna, the world’s largest producer of CBD oil products, is selling its assets as part of a federal Chapter 11 bankruptcy.
The Winchester-based company announced that The Branford Group, Hyper AMS and Perfection Industrial Sales would auction online a variety of mostly new farming equipment, including John Deere tractors, balers, compost mixers, tillage transplanters, sprayers, water tanks and utility vehicles, as well as other items.
The online auction opens for bids at 9 a.m. Sept. 8 and will close at 10 a.m. Sept. 15.
Buyers may register and bid at www.thebranfordgroup.com/dnn3/Auction/GENCO9020.aspx or hyperams.com.
The equipment is located at 267 North Cleveland Road, Lexington, and can be inspected Monday, Sept. 14, by appointment only by calling Jake Josko at (847) 499-7030 or (312) 841-9600.
The company also sold a large number of trucks online Aug. 18 and 19.
“This is a fantastic opportunity for hemp processors, CBD producers, and agricultural and farming companies to purchase late model equipment. Most of the assets were purchased in 2019 and all of the equipment has low hours/little use,” Andy Duncan, vice president of business development at the Branford Group, said in a press release.
More information about the auction is available at www.thebranfordgroup.com.
GenCanna, which grows hemp for CBD oil and makes CBD products, opened in 2014 at 4330 Colby Road in Clark County on what was once the F.W. Rickard Seeds tobacco research facility, and four years later, opened a second location at 321 Venable Road for marketing, sales and administration. It contracted with several Central Kentucky farmers to grow hemp. In January, three of its creditors filed suit in federal court to force the company into bankruptcy.
CBD oil, marketed for a variety of health purposes, has been popular in recent years, but after the Food and Drug Administration last year issued warning letters to companies not to claim that CBD was a treatment or cure for cancer and other illnesses and said it could not conclude that it was not safe as a food supplement for people or animals, sales fell 75 percent.