Attorney General Jeff Sessions didn’t have hemp in mind when he repealed Obama-era protections for state-legal marijuana businesses. But his Jan. 4 announcement sent shock waves into the hemp industry, too, leaving entrepreneurs scrambling to reassure skittish investors.
Some bullish hemp entrepreneurs believe the industry could even capitalize on Sessions’ antagonism to marijuana. That’s because it underscores hemp’s legal certainty.
“This is an incredible opportunity for the hemp industry, because hemp is the safe bet,” said Bruce Perlowin, CEO of Hemp Inc., which grows and processes hemp and kenaf – a fiber plant related to hemp and jute – in North Carolina.