U.S. commodities platform PanXchange, trading in hemp and other sectors, has ceased operations.
Funding Withdrawal
The shutdown follows the withdrawal of promised funding from an undisclosed investor. A significant financial balance was unsecured, leading to the closure, reported Hemp Today.
Carbon Market Efforts
Despite a cooling hemp sector, PanXchange had met growth goals in carbon trading. It had planned to expand in this area with a solid pipeline of development projects.
Context
Launched in 2011, PanXchange initially focused on East African agriculture, then U.S. oil and gas in 2018, and industrial hemp in 2019. The company pivoted to hemp grain and stalk trading as the CBD market declined.
Hemp Market Impact
The U.S. hemp industry continues to struggle, with harvested acreage significantly reduced since 2019.
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