O.penVAPE: Colorado Taxpayers Award $4.89 Million Economic Incentive Package to Hemp Oil Company
(Thomson Reuters ONE) -
City of Pueblo With O.penVAPE and Thar Process to Develop Cradle of New Multi-
Billion Dollar Industry
PUEBLO, CO--(Marketwired - Nov 5, 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 BiosSciences will manage
operations 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 a $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.
CONTACT INFORMATION
Media Contact:
Dawn Roberts
dawn(at)openvape.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: O.penVAPE via GlobeNewswire
[HUG#1964807]
Unternehmensinformation / Kurzprofil:
Datum: 05.11.2015 - 20:04 Uhr
Sprache: Deutsch
News-ID 432483
Anzahl Zeichen: 6628
contact information:
Town:
Denver Colorado
Kategorie:
Business News
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"O.penVAPE: Colorado Taxpayers Award $4.89 Million Economic Incentive Package to Hemp Oil Company"
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