AgTech Scientific plans to produce cannabis-derived products for humans and pets in a new Bourbon County plant that is expected to eventually employ 271 workers, Thursday’s state report on economic incentives stated.
CBD is a compound in cannabis that is said by some to have medical effects but isn’t psychoactive. CBD products are popular in Kentucky head shops.
AgTech, an industrial hemp company, plans to spend $5 million for its plant. The company also plans to produce topical ointments, gummy candies and gel caps in its first stage, according to its website.
In the second and third stages, AgTech plans to produce CBD health and beauty products, equine treats, candies, pet and equine foods and large animal foods.
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The Kentucky Economic Development Finance Authority board approved $2.4 million in tax incentives for AgTech. The company is buying 10 acres of land, with the option of an additional 10 acres, in the Bourbon County business park. Gray Construction is scheduled to build the plant.
The Kentucky legislature is considering two bills that would loosen restrictions on marijuana in Kentucky: One, SB80, would legalize recreational marijuana in the hopes of raising income for the state; a second, HB166, would legalize medical marijuana.