DANVILLE, Ky. (WKYT) - The Kentucky Governor's Office has announced a CBD oil extraction and distillation operation is coming to Danville, and several jobs will be added as a result.
Lawrenceburg company International Farmaceutical Extracts is planning to build a $6 million manufacturing plant in Danville, and it is expected to bring 34 full-time jobs to the area over a 10-year period.
Gov. Matt Bevin said the announcement comes as hemp is becoming a growing market in the state.
“The hemp industry is flourishing in Kentucky, and we are excited by the announcement of the International Farmaceutical Extracts facility in Danville,” Gov. 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.”
The proposed manufacturing facility will be built off of Roy Arnold Boulevard. Once complete, workers will produce up to 5,000 pounds of CBD oil a day.
Danville Mayor Mike Perros said hemp used to be a cash crop in the area, and he is glad to see the industry return.
“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.”
The Kentucky Economic Development Finance Authority approved $800,000 in tax incentives for the company's investment.