North Carolina awards economic development grant to new hemp processing plant

North Carolina awards economic development grant to new hemp processing plant

North Carolina is giving a hemp processor $100,000 to set up a new facility.

Carolina Botanicals, a commercial processor of hemp biomass, will invest $3.46 million in its new processing plant in Tabor City, in southeastern North Carolina. The plant is projected to create 30 jobs.

The $100,000 grant comes from the One North Carolina Fund (OneNC), a state development fund that gives money to local governments to help attract economic investment.

“It is heartening to know that our new business, while producing a product with all the health benefits of CBD, will also be providing needed economic stimulus” to its new hometown, company president Earl Singleton Jr. said in a statement.

Carolina Botanicals must meet job-creation and capital-investment targets to receive the grant. Local governments would then match funds from the state.

Carolina Botanicals says it plans to source hemp from farmers in North Carolina and South Carolina to produce winterized crude oil, CBD distillate and tinctures.

To read more about the North Carolina grant, click here.

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