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$1M grant announced to help Kentucky hemp processing company

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Posted at 9:35 AM, Jan 29, 2020
and last updated 2020-01-29 09:36:47-05

FRANKFORT, Ky. (AP) — A Kentucky company that specializes in storing and processing Kentucky-grown hemp for the purpose of cannabidiol oil extraction and refinement will benefit from a $1 million grant.

Gov. Andy Beshear and the Department for Local Government announced the Community Development Block Grant to Mount Vernon on Tuesday. The grant is to help local company Kentucky Farmaceuticals develop its business and assist with job creation, Beshear’s office said in a news release.

The project is expected to create 50 full-time jobs over the first two years.

Mount Vernon will use the funding to purchase equipment to lease to the company, the release said.