A Kentucky hemp producer has secured a sizable loan to help grow its business in 2020.
AgTech Scientific, a privately held hemp and CBD company in Paris, Kentucky, said it has closed a $30 million business loan with Truist Financial, a Charlotte, North Carolina-based bank holding company formerly known as BB&T.
Art VanWingerden, president of AgTech Scientific, said Truist Financial has been following the company’s progress over the past six months as it merged with ColorPoint, a 2-million-square-foot greenhouse operation that formerly produced ornamental crops.
“To date, traditional banks have been tepid on providing services to the burgeoning hemp industry,” VanWingerden said in a statement.
So the loan is “a testament to everyone’s commitment to our mission of bringing hemp-derived consumer products to the mainstream.”
Financing from Truist Financial will be used for debt consolidation and expanding production environments, according to VanWingerden.
AgTech Scientific recently finished building a 50,000-square-foot extraction and manufacturing facility.
The company plans to supply CBD products manufactured from its greenhouses and outdoor fields and will pursue Good Manufacturing Practice and certification from a prominent international standards-setting body.
