Hoosier Hemp Grower, Processor Plans Expanded Acres
A test plot of industrial hemp at Purdue University (image provided)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Biodynamic Ventures says it plans this year to expand the number of acres of industrial hemp it grows in Indiana. That as sister company BDX is just weeks away from opening its hemp extraction facility in Westfield.
Last year, during the inaugural crop year for hemp in Indiana, Biodynamics had contracts with 21 growers who harvested nearly 400 acres of hemp.
“We plan to significantly increase our capacity in 2020, and already have selected strains that have a proven record of high performance in various climates and geographic locations,” said John Bales, president and chief executive officer of Biodynamic Ventures.
The company primarily processes the hemp crop into CBD products which some people use to treat chronic conditions.
“That homegrown hemp never leaves Indiana, and ultimately, will serve consumers as our premium brand of Denver CBD product,” said Bales.
Bales says the oil will also be packaged under private label brands as well.
Later this month, partner company BDX will open its hemp extraction facility. That’s where CBD oil is removed from the harvested plant. The company announced last year, it was investing $24 million in two phases to establish the production plant. The company expects to create 150 jobs from the BDX investment.
Indiana state law requires hemp fields to have a research component. Biodynamic Ventures received its industrial hemp license partnering with Purdue University.
“Hemp is expected to be a $55 billion industry by 2025, and Indiana, with our existing agricultural infrastructure is a natural fit for what has become an insatiable consumer demand,” Bales concluded. “We look forward to getting our crops in the ground and providing our farmers with the absolute best in support this coming year.”
From a regulatory perspective, the state of Indiana filed its plans with the U.S. Department of Agriculture in late December. USDA has 60 days to review the Indiana’s state guidelines for the legal and regulated production of hemp.