Memphis CBD company gets $50K grant from state agribusiness fund

The Tennessee Department of Agriculture has issued a $50,000 grant to a CBD business through a program aimed at supporting agribusinesses that have a positive impact on the state.

The award to Rossville-based Hemp2Lab comes from the Agriculture Enterprise Fund, which was created in 2017. Since then, the fund has doled out $4.3 million to agribusinesses, the Memphis Business Journal reported.

Hemp2Lab was founded in 2019 and started operations in September. The company sells bulk material to businesses, has an extraction lab, and makes private and white label products. Hemp2Lab also has a multimillion-dollar five-year licensing agreement to make CBD products for Easyriders, a motorcycle brand and publication.