Carolina Botanicals, a hemp processing plant, will be establishing operations in Tabor City, Columbus County. In a press release, Commerce Secretary Antony M. Copeland said that the move would create 30 new jobs for the community. “Today’s announcement is the latest example of the growing market for hemp-related products, and we know that companies like Carolina Botanicals will find success here with our strong agricultural footprint, solid economy, and available workforce.”
The commercial processor of industrial hemp biomass will invest $3.4 million in its new Tabor City facility. It plans to purchase its raw material from farmers residing in North and South Carolina. Salaries for the 30 new jobs will vary by position, but the average annual wage will be $35,496, up from Columbus County’s $33,817 average yearly wage.
Earl Singleton, Jr. President of Carolina Botanicals said, “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 the downtown area of the Tabor City.”
Carolina Botanicals will receive a performance-based grant of $100,000 from the One North Carolina Fund to help facilitate its new operations in North Carolina. “We look forward to becoming a part of Tabor City and Columbus County business communities,” said Earl Singleton, “My investors and I are very pleased that the state of North Carolina, Columbus County, and Tabor City have embraced our proposed business. Their support was demonstrated today by the awarding of these generous grants.”
The One NC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies that are awarded grants don’t receive the money upfront. They have to meet specific job creation quotas and investment targets to qualify for payment. All grants need a matching grant from the local government.
CBD has slowly been gaining traction over the years as an alternative natural remedy for a variety of conditions, ranging from insomnia and anxiety to severe conditions like chronic pain and epilepsy. Cannabis had previously been classified as a Schedule 1 Controlled Substance, and this prevented the handling and sale of any cannabis-related products. However, the Farm Bill of 2018 legalized the cultivation of industrial hemp, and this opened the market up to processors like Carolina Botanicals.
North Carolina Rep. Brenden Jones congratulated Carolina Botanicals on the exciting news. “We know they’ll find success and be a welcome addition to the business community in Columbus County.
The whole hemp industry, including players like Canopy Rivers Inc. (TSX: RIV) (OTC: CNPOF) and Earth Science Tech Inc. (OTCQB: ETST), is widely expected by analysts to be glad that more companies like Carolina Botanicals are playing a role in reviving rural agricultural communities.
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