The most common and most likely answer to this crossword clue is the 8 letter word STRETCHY
I've seen this crossword clue in The Guardian
S
T
R
E
T
C
H
Y
More clues leading to the result STRETCHY
- Flexible period up to the beginning of Yule
- Easily drawn out with either side of ruler to make an impression in pen
- Way to gag Yankee with elastic
- Elastic cut during second attempt
- Flexible chest? Try exercise
- Prison sentence a year? Of variable length, perhaps
- Able to expand pigpen to accommodate cat
- Difficult task to find a piece of yellow elastic
- Sort of material that might extend, putting year on prison sentence
- Flexible prison sentence silly, ultimately
Buddy explains!

The straight part
We know that "Easily drawn out" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case easily drawn out = stretchy.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does STRETCHY mean?
STRETCHY adjective- Capable of stretching; elastic.
- Inclined to stretch, as from weariness.