Carolina Botanical is coming to the North Carolina area after pocketing a $100,000 performance grant from the state.
According to The Center Square, the hemp processing company has plans for a $3.4 million facility in Tabor City that will employ about 30 workers. The company becomes the latest in a growing number of operations to have received incentives to launch businesses in North Carolina.
“And we know companies like Carolina Botanicals will find success here with our strong agricultural footprint, solid economy and available workforce,” Commerce Secretary Anthony M. Copeland said.
Already the eighth-leading agricultural producing state in the country, North Carolina legalized hemp production in 2014, and experts predict the market for cannabis-based products could swell to as large as $1.3 billion over the next three years.
To stay in good standing with the grant, Carolina Botanicals will have to “meet job creation and capital investment targets.”
The incentive will be paid from the One North Carolina Fund given to the local governments by the state.
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