U.S. Hemp Association Restructures Amid Financial Challenges
HIA said the new scheme is more affordable to members
The U.S. Hemp Industries Association (HIA) has simplified its membership structure and established a sponsorship program as it seeks to recover its footing after financial troubles that came to light earlier this year.
HIA said the new scheme is more affordable to members. Ranging from $25 for a “Supporter: Advocate” up to $5,000 for “Business Premier” members, the new structure features eight membership categories. The Association said it also hopes to raise income through new “Annual Fund” sponsorships. ($6,000-$7,000).
Restructuring
HIA, which is registered in California but maintains representation in Washington D.C., said it has cut monthly expenses by more than 70% from 2019 levels, renegotiated some contracts and reduced salaries in its efforts to bolster finances.
The national HIA in July voted to shutter its network of 13 state chapters after some complained they had not received funds owed them by the national headquarters, which admitted earlier this year it was on the brink of insolvency.
Under the restructuring, HIA is now a national organization recruiting all members directly. The Association has offered former state groups a temporary license agreement that will let them continue to use the HIA logo and intellectual property through the end of this year while they reconstitute themselves. The former New York and Pacific Northwest chapters have already signed that temporary agreement, while others are still reviewing the proposal with their boards, HIA said.
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