Hemp In, Spinach Out as Investors Throw Money at Newly Legal CBD
- Production of marijuana’s cousin is exploding in the U.S.
- Demand for hemp products could rival cannabis, investor says
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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.