“If the ban is implemented, the domestic market for industrial hemp will be shut down. As a result, exports may be the only solution for our survival,” Pan Zongbing, general manager of Hankang Yunnan Biotechnology Corp, told the Global Times on Monday. This means markets could soon see some huge cheap Chinese dumping threatening the nascent sector around the world. The Global Times reports An official notice seeking public comments on a proposed ban on the use of industrial hemp in cosmetics sent the shares of many major hemp growers in China diving on Monday, prompting some growers to look to exports to survive. The shares of Meilleure Health International Industry Group fell about 15 percent, while the shares of China’s leading medicine producer Yunnan Baiyao declined 6.89 percent. The National Institutes for Food and Drug Control on Friday called for public comments on a proposed ban on the use of industrial hemp in cosmetics.
Sean Hocking, Cannabis Law Report, 03/30/2021 02:00:00