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Area Development - Site Selection, Facility Planning and Workforce Development

Victory Hemp Foods Expands Carroll County, Kentucky, Operations

09/03/2024
Victory Hemp Foods, a manufacturer of products used to create allergen-free, high Omega-3 beverages, foods and skin care products, plans to expand its operations in Carroll County, Kentucky. The $2.5 million project is expected to create 22 jobs.

The investment will include upgrades to the company’s existing 5,200-square-foot manufacturing facility.

“Kentucky has been a supportive home for Victory Hemp since 2015,” said Chad Rosen, CEO of Victory Hemp Foods. “We’re looking forward to bringing additional jobs and new value-added agriculture products to the market to help continue to support the advanced agriculture economy in Kentucky.”

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $400,000 in tax incentives based on the company’s investment of $2.5 million and annual targets of: creation and maintenance of 22 Kentucky-resident, full-time jobs across 10 years; and paying an average hourly wage of $32.68, including benefits, across those jobs.

By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.

“Kentucky’s manufacturing industry continues to grow, creating job opportunities for our people all across the state,” noted Governor Andy Beshear. “This is an incredible investment in the Carroll County community that will add to the state’s hemp industry, which has a long and successful tradition here in the commonwealth. I want to thank the company’s leadership for their belief in Kentucky and look forward to their continued success.”

In addition, Victory Hemp Foods can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.

“Agriculture is a significant contributor to our state’s economy,” added Matthew Adkins, executive director of the Kentucky I-71 Economic Development Alliance. “Victory Hemp’s work in Carroll County has not only revolutionized how people view hemp-related products but also brought about a positive change in our community. I am excited to see the fantastic things that this company will accomplish in the future.”

Victory Hemp Foods is a business-to-business primary food ingredient processor. The company specializes in proteins and oils from the hemp seed that offer manufacturers compelling taste and performance advantages, especially for plant-based foods.

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