FRANKFORT, Ky. (KFVS) - On Oct. 25, 19, Gov. Matt Bevin congratulated AgTech Scientific on the grand opening of its 2-million-square-foot indoor hemp cultivation facility and ag processing center in Paris.
It is part of an original $5 million investment, by the Kentucky Economic Development Finance Authority in January 2018.
They approved an eight-year incentive agreement with the AgTech under the Kentucky Business Investment program
As long as Ag Tech creates and maintains 271 Kentucky-resident, full-time jobs across eight years, an pays an average hourly wage of $16 including benefits across those jobs, Kentucky will provide up to $2.4 in tax incentives.
“Today’s opening of AgTech Scientific’s world-class facility is evidence of Kentucky’s national leadership in the budding hemp industry,” Gov. Bevin said. “The synergy between the company, the commonwealth and the University of Kentucky exemplifies how innovation combined with collaboration results in transformative developments within our communities. We are grateful to AgTech for its investment and congratulate the company on this achievement.”
The company invited hundreds of community members, farmers, businesses leaders and government officials to the site of its high-tech greenhouse and ag processing center in Paris.
AgTech currently employs over 100 full-time staff at the facility, and can exceed 300 employees during peak season.
They plan finish first phase of implementation by early 2020. This will add 271 additional jobs to current buildings over the next few years.
These are exciting times for everyone at AgTech Scientific. I believe we have exceeded everyone’s expectations in Kentucky” said Michael J. French, AgTech Scientific president. “We are supported by community leaders, top level researchers, financial institutions and most importantly by our farmers. We couldn’t have chosen a better place to build our business than the Commonwealth of Kentucky.”
,The company is also constructing a 50,000-square-foot extraction and manufacturing center, in addition to AgTech’s greenhouse, less than 10 miles away.
They hope to be finished by late 2019.
AgTech holds both a Processor/Handler License and a Grower License from the Kentucky Department of Agriculture hemp program.
It is partnering with Kentucky farmers for large-scale hemp production.
The company will harvest cannabidiol from the hemp.
AgTech partnered with the University of Kentucky College of Agriculture, Food and Environment.
They are researching potential health benefits of hemp-based additives for animal food.
AgTech plans to eventually begin manufacturing animal foods and other products, depending on changes to regulations.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.