The economic downturn has forced industrial hemp processor
Hemcore to
go into administration.
A sharp decline in supplies of its hemp-based products to the
building and motor manufacturing industries were major factors in
the decision, Ian Carr of administrator
Grant Thornton said. But he hoped a deal to
secure the future of the East Anglian company could be done soon,
preferably in time for this spring’s planting.
Hemcore will continue to trade until a buyer is found, although
Grant Thornton will run the business.
Last year the area of contracted hemp was around 2000 acres, but
was predicted to hit 20,000 acres by 2011. The company had also
just invested £3.6m in a new plant that processed unretted hemp,
therefore cutting the time hemp crops were left in the field after
harvest.
Click here to find out more about growing hemp.
