State of New Mexico to invest in hemp manufacturing firm
LAS CRUCES, N.M. (AP) — A hemp manufacturing business in southern New Mexico will get a boost from the state Economic Development Department.
The agency announced Wednesday that it has pledged to invest $400,000 in 420 Valley LLC as part of a continued effort by Gov. Michelle Lujan Grisham’s administration to grow the burgeoning industry.
The company plans to move into a vacant building in Las Cruces, where it will cultivate hemp and extract and refine it into manufactured products such as oil, edibles and topical ointments.
The business plans to start hiring workers early next year. Payroll is expected to be $2 million in three years.
Company officials say they have worked with farmers in Deming to successfully grow and harvest hemp and are currently consulting with an indoor grow facility in Las Cruces and a manufacturing facility in Socorro.
Lujan Grisham said hemp production and other sustainable agriculture ventures will be essential as New Mexico works to diversify its economy.
“We must think broader than one industry and one industry alone; we must create opportunity for New Mexico entrepreneurs and residents of all ages who are eager to find fulfilling work and launch sustainable careers,” she said in a statement.
Aside from the state’s local economic development funds that will be invested in the project, the city of Las Cruces has pledged $150,000.
This marks the second state investment in the hemp industry. The Economic Development Department in May pledged up to $2 million in assistance to Rich Global Hemp, which took over a greenhouse in La Mesilla and plans to hire 180 employees.