Another Kentucky hemp company files for bankruptcy

Another Kentucky hemp producer is seeking bankruptcy protection.

Atalo Holdings cited “confounding guidance” from regulators and “unforeseen market forces” in announcing the Chapter 7 filing late Friday.

Atalo chairman Andrew Graves said in a statement that the company hopes to continue operating while bankruptcy proceeds.

Graves called his company “an attractive opportunity for a timely new investor seeking revenue-producing assets.”

The company listed between 100 and 199 creditors and assets between $10 million and $50 million. Atalo is privately held.

Atalo’s bankruptcy comes several weeks after another large Kentucky hemp producer, GenCanna Global, filed for Chapter 11 bankruptcy protection.