Governor Matt Bevin announced Tuesday that International Farmaceutical Extracts will build a $6 million manufacturing plant in Danville that will create 34 full-time jobs. Bevin released a statement that reads in part, “As the commonwealth becomes a focal point for hemp-related businesses, this latest project significantly accelerates our progress.”
IFE plans to buy an 11,750-square-foot facility to house the manufacturing operation. The company will use its patented extraction and distillation technology to produce up to 5,000 pounds of high-quality CBD oil from up to 50,000 pounds of industrial hemp flower pellets a day. Kentucky’s Agriculture Commissioner Ryan Quarles said “With about 1,000 licensed hemp growers, it is clear Kentucky is leading on industrial hemp. We know that having many hemp processors turning harvested hemp into products is key to making sure Kentucky remains a national leader for this crop that connects our past to our future.” The first hemp crop was grown in Danville in 1775 and was once a top commodity in the Commonwealth.