Business Beat: Hemp Production Down In Nevada, Wedding Industry Bounces Back
Here’s the latest business news from around Northern Nevada, with Business Beat from the Northern Nevada Business Weekly.
Nevada Hemp Farmers Scale Back Amid Saturated CBD Market
Two years ago, industrial hemp farmers were seeing a lot of green as demand for the non-psychoactive component in marijuana surged. Those profits are now burning out, and massive oversupply is to blame.
The federal government legalized hemp as part of its farm bill in 2018, which opened up the market to a flood of new hemp producers, and it’s been hard for Nevada farmers to keep up.
According to the Nevada Department of Agriculture, the acreage of hemp planted across the state fell by nearly 70% from 2019 to 2020.
Reno-Tahoe Wedding Industry Sees Strong Revenue Rebound
After a year of don’ts, brides and grooms in the Reno-Tahoe area are rushing to say, “I Do,” to nuptials this year.
Nearly 4,000 weddings took place in the Reno-Tahoe area last year — a 73% decline from the year before. Local wedding planners, photographers and other workers said they’re starting to see business return to pre-pandemic levels.
Much of that growth has been rapid, leading to increased competition and a new wedding trend this year: the weekday wedding.
$120 Million Solar Project In Operation In Rural Northern Nevada
A $120 million solar project in rural Northern Nevada is in place and operational, despite pandemic setbacks that affected several industries.
The Battle Mountain Solar Project sits near Valmy, about half an hour southeast of Winnemucca. Construction began last year with about 280 full-time employees. At full completion, five full-time employees will use more than 100 contractors and services local to Humboldt County.
The project is estimated to have a life expectancy of 25 years.
Kaleb Roedel is a KUNR contributor and reporter with the Northern Nevada Business Weekly. For more business news, check out the Northern Nevada Business Weekly at nnbw.com or in print on Wednesdays.
The photo included in this story is licensed under Flickr Creative Commons.