A hemp genetics and CBD formulation company is adding a new facility in Graves County.
Governor Matt Bevin said Friday that GenCanna Global USA Inc. is investing $40 million dollars in the new facility that will add 80 full-time jobs.
The 100,000-square-foot facility will include drying, storage, extraction and processing operations. Company leaders said the new location follows the company’s fifth and most successful growing season. President Steve Bevan said the company spoke with local farmers before settling on the site in Hickory.
“We’re going to spend a lot of money in terms of the new construction and bringing in a lot of equipment and machinery and setting up a new lab and administrative capabilities down here so we don’t know how to quite quantity that economic impact at this time but we know it’s going to be positive,” he said.
Bevan said the location in Congressman James Comer’s district is fortuitous and credited his actions as ag commissioner for the reason they are in Kentucky. CEO Matty Mangone-Miranda said the new location represents the growth of the hemp industry.
The facility will boost the company’s capacity to 20 times their current product. Construction is expected to begin early next year for completion later in the year.
GenCanna is also locating a “light industrial operation” in downtown Paducah.