AgTech Scientific Closes $30,000,000 Hemp Business Loan
AgTech Scientific owns and operates a 2,000,000 sq. ft. greenhouse and ag-processing center in Paris, Kentucky. The company propagated and planted over 7,000,000 clones on over 1,800 acres with local farmers in 2019. The company successfully harvested over 2,700,000 pounds of high-grade extraction-ready biomass. AgTech designed and built its own industrial-scale drying, stripping and milling technology to support the 2019 harvest.
Recently, the USDA proposed new regulations to govern the hemp industry. The AgTech Farming First program and ag-processing model is well poised to adapt to the new regulations. AgTech Scientific has been working on ground-breaking clinical research with leading universities since 2017 in the areas of dosing, efficacy and delivery methods.
The company has recently finished the construction of its 50,000 sq. ft. extraction and manufacturing facility located in the Bourbon County Business Park. AgTech will be able to supply true Root to Shelf products from its 24-7 continuous production environments where the company also plans to achieve GMP and ISO certification in the near term.
Truist’s Middle Market Banking Leader for Kentucky, Ohio and Indiana, Craig Carlson, commented, “We are honored to serve the agricultural community and its expansion into producing hemp. We are looking forward to a long and prosperous relationship with AgTech Scientific as they continue to execute their business plan.”
AgTech Scientific president Art VanWingerden added, “We are excited to have a new financing partner in Truist. To date, traditional banks have been tepid on providing services to the burgeoning hemp industry. Truist has followed every step of our plan for over 6 months and the announcement today is a testament to everyone’s commitment to our mission of bringing hemp derived consumer products to the mainstream. The current funding will allow for consolidation of debt and expansion of production environments.”
AgTech Scientific LLC recently closed its full merger with ColorPoint LLC to become AgTech Scientific Corp. Together, the companies aim to be one of the largest providers of hemp-derived ingredients and consumer products to mass market conglomerates nationwide.