AgTech Sceintific plans to invest $5 million into the area of Bourbon Country Business Park, Kentucky to construct a 50,000 sq. ft. industrial hemp processing and manufacturing facility. The new facility is planned to create over 250 new jobs in the area.
AgTech holds one of the conditional 2018 licenses in the sate to grow hemp for commercial purposes. The plan is to partner with local farmers in the area to collaborate on the project. The company hopes to share techniques for processing hemp into finished goods as well as the extraction of CBD.
The company has also recently partners with the Kentucky College of Agriculture, Food and Environment on this project to conduct research on the health benefits of hemp-based food for pets, the Kentucky Economic Development Finance Authority (KEDFA) who is offering the company a huge tax incentive, and additional resources provided by the Kentucky Skills Network which the company can receive low cost job recruitment for the project.
“AgTech’s plans for Bourbon County put the company at the forefront of realizing Kentucky’s potential as an international leader in hemp production,” said Gov. Bevin. “The fact that their business plan includes groundbreaking research being performed at the University of Kentucky and mutually beneficial partnerships with our state’s farmers holds exciting possibilities for both industrial and agricultural hemp. This would not have been possible without last year’s efforts to better align state law with federal guidelines, which ensure hemp is grown and processed with the utmost transparency and under strict law enforcement supervision.”
You may be interested
Trump Administration Cautions Against National Hemp ExpansionCash Crop Today - February 22, 2018
The Trump administration doesn’t want to see hemp expanded nationwide in the next Farm Bill because of concerns about overproduction, an official said on February 21, 2018.…
Canopy Growth Signs Significant Supply and Sales Agreement with Sunniva Medical IncCash Crop Today - February 22, 2018
On February 21, 2018, Canopy Growth Corporation ("Canopy Growth") (TSX:WEED) announced the signing of a definitive supply agreement with Sunniva Inc. ("Sunniva") (CSE:SNN) (OTCQX:SNNVF). Through the terms…