DANVILLE, Ky. (WKYT) – Boyle County leaders are moving forward with a plan to help capitalize on Kentucky’s growing hemp industry.
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The Boyle County Fiscal Court voted to approve a community development block grant which will allow it to borrow money at low interest. It will then give the money to International Farmaceutical Extracts, which is building a $6 million CBD oil extraction facility in Danville that is expected to bring more than 30 full-time jobs.
Some of the company’s profits will, in turn, go back to the county to help fund other community projects.
Company CEO Martin Smith said the company also applied for some tax credits and were awarded $800,000 from the state to build the facility.
Company and county leaders argue this method will help the business community continue to invest in Boyle County and the state of Kentucky.
Smith hopes construction on the new plant will begin in early 2020.