International Farmaceutical Extracts Plans Boyle County, Kentucky, Manufacturing Center
IFE plans to buy an 11,750-square-foot facility on Roy Arnold Blvd. in Danville to house the manufacturing operation. The company will use its patented extraction and distillation technology to produce up to 5,000 pounds of high-quality CBD oil from up to 50,000 pounds of industrial hemp flower pellets a day.
Positions at the new operation will include management, production, maintenance and shipping. At full capacity, the facility will use hemp flowers from approximately 15,000 acres of local farms.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in June preliminarily approved the company for tax incentives up to $800,000 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, IFE can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
Martin Smith, who also serves as CEO of United Global Co-opportunities of Lawrenceburg, established IFE in Lawrenceburg in 2017. The company’s goal is to establish long-term relationships with hemp farmers to service the CBD market.
Kentucky Commissioner of Agriculture Ryan Quarles said, “With about 1,000 licensed hemp growers, it is clear Kentucky is leading on industrial hemp,” Kentucky Agriculture Commissioner Ryan Quarles said. “We know that having many hemp processors turning harvested hemp into products is key to making sure Kentucky remains a national leader for this crop that connects our past to our future. I congratulate IFE on this announcement and wish them much success in the years ahead.”
“The hemp industry is flourishing in Kentucky, and we are excited by the announcement of the International Farmaceutical Extracts facility in Danville,” Governor Matt Bevin said. “As the commonwealth becomes a focal point for hemp-related businesses, this latest project significantly accelerates our progress. We are grateful for IFE’s strong commitment to Kentucky, and we look forward to a long and successful partnership.”
Danville Mayor Mike Perros said, “The first hemp crop in Kentucky was grown near Danville in 1775. Hemp production was once a significant staple to our community’s agricultural past, and it can be again for our economic future,” Mayor Perros said. “We are pleased that International Farmaceutical Extracts has chosen Danville to make its own history here.”
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