Resonate Foods, a hemp grower and processor, plans to expand its presence with a $2.7 million investment in Lyon County, Kentucky.
Resonate currently operates a 15-acre processing site near I-24. The expansion’s first phase would include greenhouses, drying buildings and equipment. As well, plans include a state-of-the-art craft processing lab to extract, distill and refine hemp into wholesale and retail products at scale.
Following a successful harvest in 2018, the company significantly increased its production contracts with Kentucky farmers for 2019, including some USDA organic acreage. Similar to 2018, Resonate also will create seasonal jobs to dry a significant portion of its grown hemp for use in the company’s processing operations.
“Resonate is honored and proud to be part of the honest and hardworking hemp economy in West Kentucky,” said Matt Willse, President & Founder of Resonate. “As a craft hemp company, we create differentiated artisanal hemp products founded on quality, consistency and dependability. We are happy and thankful to be home here in Lyon County, and look forward to continuing to invest in the local community and expand our network of trusted suppliers and customers here and in the region.”
Based in Eddyville, Resonate produces a range of food and pharmaceutical-grade hemp-related products sold to customers throughout the US. The company sells consumer-focused retail hemp products, as well as wholesale hemp products such as hemp raw material and extracts.
“With each hemp-related announcement, Kentucky cements its place at the forefront of this rapidly growing industry,” Governor Matt Bevin said. “Resonate Foods is one of the local companies to greatly benefit from a rise in customer demand, as represented by their recent success. As companies like Resonate expand, the commonwealth will continue to work to ensure they have every opportunity to succeed. This announcement is great news for the Lyon County community, and we are grateful to this company for its commitment to the Bluegrass State.”
Agriculture Commissioner Ryan Quarles said Resonate continues a positive trend in the commonwealth.
“At the Kentucky Department of Agriculture, we have the vision that Kentucky will be the epicenter of hemp production and processing in the United States,” Commissioner Quarles said. “Expanding our processor base is key to that strategy. I’d like to thank Resonate Foods for their continued support of Kentucky’s hemp industry and wish them well as they execute their plans to create jobs in Lyon County.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved the company for tax incentives up to $375,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of the new tax revenue it generates over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, Resonate Foods can receive resources from the Kentucky Skills Network.