Colorado Taxpayers Award $4.89 Million Economic Incentive Package to Hemp Oil Company
City of Pueblo With O.penVAPE and Thar Process to Develop Cradle of New Multi-Billion Dollar Industry
PUEBLO, CO–(Marketwired – Nov 3, 2015) – The City of Pueblo will grant the newly formed hemp oil processing company CBD BioSciences, $4.89 million in capital incentives. The historic deal marks the first time a city has backed a hemp company to spur economic development. The incentive package establishes Pueblo as a primary hub in the CBD and hemp production industry. This is a joint venture between O.penVAPE and Thar Process. CBD BioSciences will manage coperations in Pueblo.
“We all know terms like Silicon Valley and the Research Triangle. What this announcement does today is put Pueblo on the map as the Silicon Valley of hemp,” said Sal Pace, Pueblo County Commissioner.
CBD BioSciences will receive approximately $3 million from the City of Pueblo to renovate a 193,000-square-foot former Boeing rocket plant at Pueblo Airport Industrial Park. Vacant since 2004, the plant will be developed as the largest CBD and hemp processing facility in the United States.
As Pueblo’s largest job creation initiative since 2008, the company is projected to employ 163 people by November 2018, at an average salary of $41,590 plus benefits.
CBD BioSciences will receive $4.89 million to purchase equipment and retool the plant. The city’s half-cent sales tax will partially fund the incentive package.
CBD BioSciences is a recently launched joint venture between O.penVAPE and Thar Process, market leaders in the hemp oil extraction industry. O.penVAPE is the leading global brand in medical and consumer cannabis oil products. Thar Process is the worldwide leader in the chemistry and the technology behind essential oil extraction from a wide variety of crops. Together the companies contribute unrivaled expertise in their respective fields to Pueblo’s initiative.
CBD BioSciences is already contracting with Colorado hemp farmers and is in discussions with hemp product companies. Hemp oil processing is scheduled to commence later this week.
The industrial applications of hemp date back hundreds of years. In its heyday around 1900, hemp was a leading agricultural product in the United States and used in everything from medicines to dynamite. George Washington, Thomas Jefferson, and John Adams were hemp farmers. Henry Ford even built an experimental car out of hemp fiber. Industrial hemp cultivation became scarce in the United States over the last century, because the nation discontinued growing it and began relying on imports for its supply. CBD oil offers tremendous potential in the medical field. Hemp is an environmentally-friendly and textile-ready natural fiber that remains grossly underutilized.
“The United States is the largest global market for foreign hemp sourced primarily from China. Let’s change that,” said Barbara Vidmar, Chairman of the Pueblo Economic Development Corporation (PEDCO).
“Rarely if ever have we at PEDCO been involved in the birth of an industry that offers so much potential for job creation,” said Jeff Shaw, Vice President of PEDCO. “What other industry opens the door for economic cluster opportunities including industrial textiles (such as ropes and carpets), consumer textiles (such as apparel and bulk fabric), paper (such as cardboard, printing paper, and specialty paper), building materials (such as fiberboard, concrete, and insulation) and even foods (such as granola, food supplements, and cooking oils)?”
The partnership between CBD BioSciences and Pueblo will extend into education and workforce training. The company will work with universities and educational institutions in the area to create an industrial hemp technology ecosystem. This includes the establishment of a Global Hemp Center for Innovation to promote scientific research and educational conferences. The objective is to build a more diversified economy and resilient future for the community of Pueblo.
“We will produce, formulate and develop new products that can be introduced to the market. We will work with genetics to optimize crops. When we are looking at hemp, we are looking at the whole plant from hemp oil, fiber to any other byproduct that can be made from this marvelous plant,” said Jose Martinez, CEO of CBD BioSciences. “We are both proud and humbled by the community of Pueblo’s investment. It is clear that Pueblo will become the world capital of hemp cultivation, and we are on the threshold of revitalizing hemp production as a great American industry once again.”
Denver-based O.penVAPE is the recognized leader in plant extraction technology, sales and marketing. It is a significant brand and thought leader in the legal medical and adult-use cannabis industry.
O.penVAPE embraces innovation through scientific research and development. As a mindful member of the business community, the firm is committed to educating consumers on the responsible use of cannabis.
O.penVAPE strictly adheres to the rigorous business practices of the states and countries the company operates in to ensure product safety and compliance.
Thar Process is a global leader in supercritical fluid technology and equipment used for natural product extraction and separation.
Supercritical fluid extraction is used for a wide variety of crops including spices, seeds, fruits, nuts, herbs, vegetables, algae, and other plant materials.
Extracted materials include nutraceuticals, bioactive and pharmaceutical ingredients, natural products and biochemicals.