Another Kentucky hemp company is filing for federal bankrupticy protection, this time Elemental Pricessing in Lexington.
The toll processor noted debts of some $56.7 million in its Chapter 11 filing on Monday. The debts include $100,000 in unpaid rent for its Lexington facility.
Elemental Processing listed assets between $1 million and $10 million.
The company licensed with thousands of farmers and then sold bulk cannabinoid extracts, some of it back to the farmers.
Elemental Processing becomes at least the fourth Kentucky hemp firm to seek federal bankruptcy protection. Other companies in bankruptcy protection include GenCanna, Atalo Holdings and Sunstrand.
