Colorado Lawmakers Turn Down Plan To Use Million Of Cannabis Tax To Purchase Hemp Fibre Processing Capital Equipment
CANNANNEW REPORT

MJ Biz report A Colorado proposal to use $5 million in marijuana tax collections to help buy machines to process hemp fibers failed. The idea from the Colorado Department of Agriculture aimed to help one of the oldest chicken-or-egg dilemmas facing the young hemp industry: a lack of processing capacity. Because so few U.S. facilities can remove hemp fibers from the plant’s woody core – a process called decortication – farmers have limited options for selling fiber varieties of the plant, spurring them to stick with cannabinoid-heavy varieties. Colorado has only one decortication facility, agriculture officials say. One machine costs $600,000 to $3 million. The proposal would have taken $5 million from Colorado’s Marijuana Tax Cash Fund, which includes sales and excise taxes from medical and adult-use marijuana sales, according to Denver alt-weekly Westword. But lawmakers failed to add the money to the state’s final budget, the newspaper reported. Read more.  https://mjbizdaily.com/5-million-dollar-plan-to-use-marijuana-taxes-for-hemp-processing-fails-in-colorado/

Excerpt only …
READ MORE BELOW
Source : Colorado Lawmakers Turn Down Plan To Use Million Of Cannabis Tax To Purchase Hemp Fibre Processing Capital Equipment

reposted by Cannabis News World